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CelluComp Announces Closing of £2.4 Million Funding Led by Sofinnova Partners & more

Published on 2013-12-09. Author : SpecialChem

BURNTISLAND, Scotland -- CelluComp, a sustainable materials company, announces the close of a £2.4 Million funding round. Sofinnova Partners' Green Seed Fund led the financing, and was joined by Scottish Enterprise through its investment arm, the Scottish Investment Bank (SIB), Claridge and a syndicate of angel investors.

CelluComp uses a proprietary technology to extract nano-cellulose fibres from the waste streams of root vegetables to produce a unique product called Curran®. Curran® provides a highly performant, environmentally-sound and economically-viable solution to rheology (thickening) and reinforcement in multiple industries, such as paints & coatings, home and personal care, concrete, oil drilling and composites. CelluComp is in the process of scaling-up its production and commercialising its product globally.

Christian Kemp-Griffin, CEO of CelluComp, commented: "Along with founders David Hepworth and Eric Whale I am extremely pleased to have raised this round of financing with such important partners. This investment not only gives the company the needed funds but also brings a combined level of expertise and professionalism that will allow the company to be successful quickly."

Joško Bobanovié, Partner at Sofinnova Partners responsible for the fund, added: "CelluComp's approach changes the paradigm in commercial use of nano-cellulose and opens up a range of new applications. We were attracted by its innovative product portfolio, numerous applications verticals and multi-billion dollar markets. Green Seed Fund focuses on European investments in renewable chemistry and I am thrilled to have the opportunity to work with CelluComp team."

"Across Scottish Enterprise, we have been working with CelluComp since 2005," said Head of SIB Kerry Sharp. "We're pleased to see them preparing to expand into the global marketplace and look forward to working with CelluComp as they continue to push their business forward."

About CelluComp

CelluComp is Scottish-based materials start-up company that manufactures and markets sustainable products produced from the waste streams of the food industry. CelluComp launched its business in 2004 with the research and development of Curran®, a material derived from nano-cellulose of carrots and sugar beets. Curran® provides multiple solutions for many industries such as paints & coatings, concrete, home & personal care, oil drilling and composites. CelluComp's vision is to activate change in the way the world uses materials by creating Material Change for Good.

About Sofinnova Partners

Sofinnova Partners is an independent venture capital firm based in Paris, France. For more than 40 years, the firm has backed nearly 500 companies at different stages of their development - pure creations, spin-offs, as well as turnaround situations – and worked alongside Europe's key entrepreneurs in the Life Sciences industry. With €1.3 billion of funds under management, Sofinnova Partners has created market leaders with its experienced team and hands-on approach in building portfolio companies through to exit.

About Sofinnova Partners

The Scottish Investment Bank is the investment arm of Scottish Enterprise, operating Scotland-wide in partnership with Highlands and Islands Enterprise. It manages a suite of funds including the Scottish Co-investment Fund and the Scottish Venture Fund, which are partly funded by the European Regional Development Fund (ERDF); the Scottish Seed Fund, the Scottish Plastics Loan Fund and the Renewable Energy Investment Fund. SIB is also the cornerstone investor in the privately-managed Scottish Loan Fund and an investor in the Rock Spring Ventures Life Sciences Fund. These support Scotland's SME funding market to ensure businesses with growth and export potential have adequate access to capital. SIB also provides a team of financial readiness specialists to help companies prepare for new investment and more easily access finance.

About Claridge

Claridge, founded in 1987 by Charles Bronfman, is an investment firm headquartered in Montréal. Today, the firm represents the interests of the Stephen Bronfman family and manages a diverse portfolio of third-party investments, as well as direct equity participations in the food industry, real estate, clean technology, renewable energy and entertainment sectors.

Source: Sofinnova Partners

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