Danish industrial biotech startup Cellugy has raised €4.9 million in seed funding to accelerate the production and commercialization of its EcoFLEXY dry cellulose product. The round was led by German investor ICIG Ventures and Danish investor Unconventional Ventures, with new US-based investor Joyance Partners joining the round.
The funding will enable Cellugy to scale up production of EcoFLEXY from kilos to several tons per year, meet growing customer demand, and expand its manufacturing capacity to commercial production. The funds will also support further product development partnerships and the expansion of the company’s IP portfolio.
Cellugy’s innovative platform technology uses bacteria to produce high-purity, crystalline cellulose derived from sugar bioconversion. This creates fully bio-based and biodegradable alternatives to carbon-intensive petrochemicals. The company’s EcoFLEXY product is in high demand from the personal care industry, which is shifting towards more sustainable and environmentally conscious formulations.
The funding will also support the development of new applications for EcoFLEXY and the expansion of Cellugy’s team.
“Reliance on fossil-based petrochemical ingredients is today’s most critical sustainability issue in producing personal care products. With our technology, we genuinely see a future completely free from these polluting ingredients,” says Dr. Isabel Alvarez-Martos, CEO and co-founder at Cellugy. “Our mission is to develop sustainable solutions for everyday products, so we’re naturally pleased to partner with impact-driven investors. Together, we can achieve those goals.”
