[Funding alert] UK-based Sparxell Secures $3.2Million in Funding

Tuesday 2, 2024 | By Startup Rise EU

  • Sparxell, a developer of sustainable, plant-based pigments secures $3.2million in funding.
  • Sparxell was founded Cambridge scientists, led by Dr Benjamin Droguet and Professor Silvia Vignolini, in 2022.
The UK-based company Sparxell, which creates high-performing, environmentally friendly pigments from plants, has raised $3.2 million in funding to hasten the development and commercialization of products that will remove synthetic chemicals from colourants in multibillion-dollar markets like paint, packaging, fashion, and cosmetics. The funding round includes grants, awards, and seed investments.

The UK-based company Sparxell, which creates high-performing, environmentally friendly pigments from plants, has raised $3.2 million in funding to hasten the development and commercialization of products that will remove synthetic chemicals from colourants in multibillion-dollar markets like paint, packaging, fashion, and cosmetics. The funding round includes grants, awards, and seed investments.

In addition to SpaceX backer Futre Communities Capital, PDS Ventures, Katapult, Joyance Partners, and SNØCAP VC, additional participants in the seed fundraising included the Circular Innovation Fund, a worldwide venture capital fund jointly managed by Demeter and Cycle Capital with L'Oréal as an anchor investor.

In 2022, scientists from Cambridge led by Dr. Benjamin Droguet and Professor Silvia Vignolini launched Sparxell. Their research involved using completely plant-based cellulose, a renewable and biodegradable resource that can be harvested from waste streams, to mimic vivid colours found in nature.

The substance that many plants and animals utilise to make vibrant, long-lasting, and fade-resistant colourants is also used in Sparxell's pigments. The goods have a colour intensity that lasts longer than conventional colourants and pigments on the market, and they are completely biodegradable and free of toxins.

Dr Benjamin Droguet, Sparxell Founder & CEO said, "Traditional chemical colourants are causing major environmental harm through every stage of their lifecycle, from manufacture to degradation. Over 10,000 fossil-based chemicals are used in current colouration processes. The textile industry is a well-known emitter of dyes and microplastics, with over 1.5m tonnes entering the environment every year, while paint has recently been recognised as the largest source of microplastics in the ocean,".

By 2030*, the colourants market, currently valued at approximately $38 billion, is projected to reach over $100 billion in value. Sparxell's target markets include, but are not limited to, the following: fashion (textile colouring, embellishments, sequins), packaging (bulk colouring, films, foils), beauty (colour cosmetics, personal care, lotions, sunscreens, glitter make-up), and paint (automotive, building).

Sparxell has already partnered on product creation with blue-chip corporations in a variety of industries, including as top automakers, global leaders in luxury fashion, and producers of cosmetics.

In order to increase production capacity and expedite commercialization, the firm plans to announce the opening of a Series A investment round in the upcoming months.

About Sparxell

Sparxell, a uk startup creates the world's first plant-based performance colourant that draws inspiration from nature to create the next wave of colours and effects. After years of research on photonics and structural colours derived from plant-based cellulose, they spun out from the University of Cambridge. their goal is to remove harmful chemicals from coloration and give companies high-performing, environmentally friendly, and sustainable substitutes for conventional coloured materials.

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