Funding

[Funding alert] Floreon Secures £2M Series A in Funding

Nov 21, 2023 | By Startup Rise EU

Floreon secures £2M series A in funding from Northern Gritstone. Floreon is a University of Sheffield spin-out company that develops bioplastics.

Floreon secures £2M series A in funding from Northern Gritstone. Floreon is a University of Sheffield spin-out company that develops bioplastics.

Using a variety of plant-based materials, such as corn and sugarcane, Floreon has created bioplastics that function similarly to Acrylonitrile Butadiene Styrene (ABS), a common plastic polymer used in toys, electronics, cars, and other electrical appliances.

Read also -  Denmark-based Biotechnology Company NMD Pharma Secures €75M in Series B Round Funding

Bioplastics provide an environmentally friendly replacement for plastics, which are made from chemicals derived from fossil fuels in more than 99 percent of the plastics produced worldwide. By 2027, it is anticipated that the global market for bioplastics and biopolymers will increase to $27.3 billion.

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The performance requirements for high-value applications and mass production have been satisfied by Floreon's materials. Floreon's manufacturing of bioplastics can reduce carbon emissions by up to 7x when compared to standard oil-based plastics since it utilises plants that absorb carbon dioxide from the air and convert it into sugars that can be utilised as feedstock for the material.

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According to Shaun Chatterton, Founder and Chair of Floreon: “Everyday oil-based plastics are contributing to the global environmental crisis. Our vision is to offer brands an alternative product and, through this, transform the global plastics market. We are delighted to partner with Northern Gritstone. Their support, experience and investment will enable us to develop our team and deliver our commercial strategy.”

Duncan Johnson, CEO of Northern Gritstone, said: “Floreon has developed an innovative and unique technology that offers producers a genuine route to reducing the environmental impact of their plastic products. This truly fits into Northern Gritstone’s ‘Profit with Purpose’ philosophy, helping to create the world-class businesses of tomorrow from the world-class science in North England today.”

About Floreon

Durable bioplastic made from trees called Floreon is ideal for use in toys, automobiles, and consumer electronics. With a carbon footprint up to seven times smaller than that of conventional oil-based plastics and reusable properties, Floreon offers a more environmentally conscious option.

Read also - Amsterdam-based Grocery App Crisp Secures €35 Million in Funding

Their robust flame-retardant solution is a world-first bioplastic designed to smoothly integrate into your current manufacturing process. Additionally, they take great pride in being recognised as a BCORP, which represents our principles and commitment to a sustainable business and product.

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