Ray of Hope Finalist, Cellugy, raises €4,9M to replace petrochemicals in personal care products

Cellugy, a Danish industrial biotechnology startup developing innovative, natural, biofabricated cellulose-based solutions to replace fossil-based materials in various industrial applications, has raised €4,9M in seed funding to scale up production of its EcoFLEXY dry cellulose product to industrial volumes. The round was led by Germany’s ICIG Ventures and Denmark’s Unconventional Ventures, with new, U.S.-based investor Joyance Partners joining the round, along with existing investors PSV DeepTech, The Footprint Firm, and EIFO.  

The funding will accelerate the deployment and commercialization of EcoFLEXY, currently in the pilot phase. This involves a substantial production increase, from kilos to several tons yearly. The funds raised will enable Cellugy to expand its manufacturing capacity to commercial production to satisfy extensive and increasing customer demand. 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.

Cellugy was one of the 2023 Finalists in the Ray of Hope Accelerator, of which the Ray C. Anderson Foundation is a founding partner. The Ray of Hope Accelerator is administered by the Biomimicry Institute.

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