A industrial biotechnology business called Cellugy, situated in Søborg, Denmark, has acquired €4.9 million in early capital.
Investors
- Joyance Partners
- PSV DeepTech
- The Footprint Firm
- EIFO
- ICIG Ventures
- Unconventional Ventures
Use of funds
The money will be used by the business to grow its operations and get its EcoFLEXY dry cellulose product up to industrial size. Additionally, the money will enable new product co-development agreements that will broaden EcoFLEXY’s application scope and increase the company’s IP portfolio and workforce.
About Cellugy
Under the direction of CEO and co-founder Isabel Alvarez-Martos, Cellugy is creating novel, organic, biofabricated cellulose-based solutions to take the role of fossil-based materials in a variety of industrial applications.
