Cellugy, a Søborg, Denmark-based industrial biotechnology startup, raised €4.9M in seed funding.
The round was led by ICIG Ventures and Unconventional Ventures, with new, U.S.-based investor Joyance Partners joining the round, along with existing investors PSV DeepTech, The Footprint Firm, and EIFO.
Led by Isabel Alvarez-Martos, CEO & Co-founder, Cellugy is developing innovative, natural, biofabricated cellulose-based solutions to replace fossil-based materials in various industrial applications.
The company intends to use the funds to expand operations and scale up production of its EcoFLEXY dry cellulose product to industrial volumes. The funding will also support further product co-development partnerships to take EcoFLEXY into new application areas and expand the company’s IP portfolio and headcount.
FinSMEs
23/05/2024