Danish industrial biotechnology startup Cellugy raises €4,9M to replace petrochemicals in personal care products
Summary
The funding will also support further product co-development partnerships to take EcoFLEXY into new application areas and expand the companys IP portfolio and headcount.In the personal care industry, many , placing natural, biodegradable ingredients like cellulose in high demand. The natural and organic cosmetics market is projected to surge at a CAGR of 9.76%, reaching USD 50.46 billion by 2027.Despite the obvious need for high-quality, sustainable alternatives, the personal care industry lacks ready solutions that meet petrochemicals performance requirements and cost criteria. Follow-on participation from existing investors makes up close to half of the investment round, as PSV Deep Tech, EIFO, and The Footprint Firm continue to provide both financial and expertise-based support. It also has valuable CPG connections to facilitate access to global branded customers.This investment round will be instrumental in scaling up EcoFLEXYs production and distribution, allowing us to meet the surging demand for sustainable, high-performance beauty ingredients, Alvarez-Martos explains. The companys innovative platform technology has the potential to revolutionize many petrochemical-dependent industries, ultimately contributing to a healthier planet and a more sustainable future for everyone.Cellugy has raised over 7M from a combination of VCs, private investors, and public funding.