CAMBRIDGE, U.K.--(BUSINESS WIRE)--Sparxell, the UK-based developer of high-performance, sustainable, plant-based pigments, has completed a $3.2m funding round (comprising seed investments, grants, and awards) to accelerate development and commercialisation of products which will eliminate synthetic chemicals from colourants in multi-billion dollar markets including in cosmetics, fashion, paint, and packaging.
The Circular Innovation Fund, a global venture capital fund jointly managed by Demeter and Cycle Capital with L’Oréal as an anchor investor, participated in the seed funding alongside others including SpaceX-backer Futre Communities Capital, PDS Ventures, Katapult, Joyance Partners and SNØCAP VC.
Sparxell was founded in 2022 by Cambridge scientists, led 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. Sparxell’s pigments use the same material that many plants and animals use to produce vivid, durable, and fade-resistant colourants. The products are toxin-free and fully biodegradable with a colour intensity that lasts longer than traditional colourants and pigments on the market.
“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,” said Dr Benjamin Droguet, Sparxell Founder & CEO.
“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,” added Dr Droguet.
The colourants market is worth an estimated $38 billion and is expected to grow to over $100 billion by 2030*. Sparxell is targeting specific markets including but not limited to beauty (colour cosmetics, personal care, creams, sunscreens, glitter make-up), fashion (textile colouring, embellishments, sequins), packaging (bulk colouring, films, foils), and paint (automotive, building).
Sparxell has already engaged in product innovation partnerships with blue-chip companies across different industries including leading car manufacturers, world-leading high-end fashion brands, and cosmetic goods manufacturers.
The company expects to launch a Series A funding round in the coming months to upscale production capacity and accelerate commercialisation.
