Sparxell raises $3.2 million for plant-based pigments
03/04/2024
The Circular Innovation Fund, a venture capital fund jointly managed by Demeter and Cycle Capital with L’Oréal as an anchor investor, participated in the seed funding alongside Futre Communities Capital, PDS Ventures, Katapult, Joyance Partners and SNØCAP VC.
Sparxell was founded in 2022 by Dr Benjamin Droguet and Professor Silvia Vignolini, who discovered ways to replicate vibrant colours in nature using fully plant-based cellulose, a renewable, biodegradable resource that can be extracted from waste streams.
As well as pigments, the products can be used with films, foils, sequins and other embellishments.
Dr Droguet said: “Our plant-based materials can be grown and sourced locally in a complete rethink of how colours are currently being manufactured while reducing transport emissions.”
The company expects to launch another funding round in the coming months to upscale production capacity.
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