Cellugy, a Danish industrial biotech startup, has raised EUR 4.9 million (~USD 5.3 million) in a seed funding round led by ICIG Ventures and Unconventional Ventures. Joyance Partners, PSV DeepTech, The Footprint Firm, and EIFO also participated.
The funds will be used to speed up the production and marketing of EcoFLEXY, a cellulose-based product currently in its pilot phase for the personal care sector. They will also aid in widening product development partnerships, extending the company's intellectual property portfolio, and boosting overall staff strength.
Founded in 2018, Cellugy produces fabricated cellulose solutions to replace fossil-based materials in various industries. The company uses bacterial fermentation to create fully bio-based and biodegradable alternatives to carbon-intensive petrochemicals.
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