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Funding
Cellugy raises EUR 4.9 million in seed funding to scale production of dry cellulose product
Bio-based Materials
May 21, 2024
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Bio-based Materials

Bio-based Materials

May 21, 2024

Cellugy raises EUR 4.9 million in seed funding to scale production of dry cellulose product

Funding

  • 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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