Aarhus, Denmark-based biotechnology startup Cellugy has bagged €2.38 million in a seed funding round held in December 2020, from the European Innovation Council Accelerator Pilot Phase 2.
Capital raised will be used by the startup to expand the production of its ground-breaking biomaterial EcoFLEXY, focusing on technical optimization tactics, a trial plant setup, and related predisposition activities.
Founded in 2018 by Isabel Álvarez-Martos, Deby Fapyane, and Paruntungan Sihombing, Cellugy is a biotech startup that aims to end plastic pollution and its environmental annihilation. It has been producing a biomaterial to feasibly replace fossil-based plastic in the packaging industry. The innovative material named EcoFLEXY is produced via the bioconversion of excess sugar using a patent-pending white biotech procedure. It can be used together with paper, cardboard, and other bio-based materials and meets all the requirements of the packaging industry while being fully recyclable and biodegradable. With such a state-of-the-art biomaterial, the startup intends to enable the entire packaging industry to conform with the European 2030 prohibition on single-use plastics at a modest price.
Prior to the latest funding round, the startup had secured €430K with a project value of €720K from Novo Nordisk BioInnovation Institute and Sky Ocean Ventures in its pre-seed funding round.
Co-founder Isabel Álvarez-Martos was quoted to have said, “The world produces approximately 360 million tons of plastic every year, and almost 40% is single-use. In Denmark specifically, 40 kg of plastic waste per person is produced each year which ends up directly in the environment. We created a company to contribute to the solution to such a problem.”
Co-founder Deby Fapyane said coated paper and cardboard are frequently used to package a great assortment of consumer goods like milk, juices, fruits, and vegetables and polyethylene is typically used as the coating barrier in such materials. She further added that they identified a problem that due to this multi-material technology, such packages are not biodegradable or recyclable. Cellugy’s innovative material EcoFLEXY can be used to replace polyethylene, and the final packaging can be recycled in the present waste management system. EcoFLEXY is the next-generation sustainable barrier coating designed for the packaging industry, she concluded.
Jamie Rowles, Head of Investments at Sky Ocean Ventures commented they are proud to be an early supporter of Cellugy, who was one of the champions of Sky and National Geographic’s global plastics innovation challenge and their innovative approach represents the future for sustainable and circular materials. He also said that as an impact-focused investor, they are thrilled by the long-term potential for Cellugy’s material to replace current unsustainable and non-biodegradable plastics in a variety of applications.
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