Soborg-based biotech firm CELLUGY has secured €4.9 million in seed funding led by ICIG Ventures and Unconventional Ventures. The company plans to increase the production of its EcoFLEXY dry cellulose product on an industrial scale.
- Founded in 2018 by Deby Fapyane, Isabel Alvarez-Martos, and Parun Sihombing, CELLUGY develops EcoFLEXY, a versatile technology for creating sustainable cellulose materials. This process uses fermentation to produce pure cellulose, which is both high-performing and renewable. EcoFLEXY can be customized for various industries, including personal care, textiles, and packaging, offering an eco-friendly alternative to traditional materials.
- CELLUGY has a team of 15 and has partnered with Sky Ocean Ventures, Innovation Fund Denmark, MIDT, and Erhvervshus. In 2021, the startup received €2.38 million in funding from the European Union's H2020 research and innovation program.
Details of the deal
- The funding round for CELLUGY was co-led by Frankfurt-based ICIG Ventures. It is a VC firm that invests between €500,000 and €5 million in startups from seed to Series B, primarily focusing on Europe and Northern America.
- Danish Unconventional Ventures is another leading investor. It is a venture capital firm that funds European pre-seed and seed stage startups focusing on climate and environment, education, femtech, health, and financial inclusion.
“Investing in Cellugy represents a strategic step for ICIG Ventures, underlining our commitment to fostering innovations that drive sustainability in the industrial sector. Cellugy’s breakthrough in biofabricated cellulose technology not only aligns with our mission to support green technology but also promises to revolutionize the personal care industry and beyond,” Investment Director at ICIG Ventures, Pelin Yilmaz, stated.
- Joyance Partners, a US-based VC firm that invests in tech and science startups across North America, Asia, and Europe, joined the funding round as a new backer. Existing investors PreSeed Ventures, The Footprint Firm, and Export and Investment Fund of Denmark also participated.
- With the current capital, CELLUGY plans to expand manufacturing capacity, develop new product partnerships, and enhance its IP portfolio.
