UK startup Naturbeads has secured a series A funding round to further develop its pioneering technology that addresses worldwide microplastic pollution.
St Andrews based Eos Advisory led the £7.8 million series A round alongside existing investor Progress Tech Transfer, and new investors CDP Venture Capital through its Corporate Partners I Fund, PI-NB, and Paragon Capital Management in Singapore through its early-stage VC fund, Paragon Ventures I.
Founded in 2018 as a spinout from the University of Bath, Naturbeads is now scaling its innovative cellulose microsphere technology developed by the company’s co-founders, CTO Professor Davide Mattia, CEO Giovanna Laudisio, and the late Professor Janet Scott.
Microplastics have been detected in over 1,300 marine species, are embedded in the food chain and have raised serious concerns about their impact on ecosystems and human health. An estimated 2 million tonnes of microplastics are added each year to everyday products from cosmetics to detergents, adhesives, paints and many more.
Naturbeads CEO and co-founder Dr Giovanna Laudisio said: “Microplastics have been found at the top of Arctic mountains and in the depths of the Mariana Trench, with a recent study forecasting that microplastic pollution could more than double over the next decade. Our differentiator from other companies who are trying to solve challenges around plastic packaging, is that we are one of few that is solely focused on the plastic found within daily products, and producing an eco-friendly, scalable alternative.”
Naturbeads is set to build its first production plant in Puglia, Italy, and the funding will enable the company to significantly increase its production capacity to meet the growing demand for sustainable ingredients from multiple industries.
Andrew Durkie, Partner, Eos, said: “Giovanna and her team are tackling one of the most urgent environmental challenges of our time, and we look forward to supporting Naturbeads through its next, exciting phase of commercialisation.”
Alberto Calvo, Managing Director at Progress Tech Transfer, added: “The leadership team has bold ambitions in coming up with an industrial-grade solution to tackle microplastic pollution in a variety of different applications, with a platform-technology that is delivering high technical performance with a fully circular approach.”
“Naturbeads represents an excellent example of how a project born in the laboratory can evolve to large-scale industrial production, attracting international investment – and we are delighted that they have chosen to create a new production plant in Puglia”, says Agostino Scornajenchi, Managing Director and General Manager of CDP Venture Capital.
By Tech.eu
Source: Tech.eu