Cambridge-based biotech company Pact has raised £9m in seed funding.
- The funding will support the establishment of a 13,820 sq ft lab in Cambridge.
- Pact specialises in developing nature-inspired biomaterials, notably a leather alternative called Oval.
- The company’s innovations aim to reduce textile industry emissions significantly.
- Investors include Hoxton Ventures, ReGen Ventures, Celsius Industries, and Polytechnique Ventures.
Cambridge-based biotech group Pact has successfully secured £9m in seed funding, enabling it to advance its ambitions of establishing a new laboratory space spanning 13,820 square feet in Cambridge. This development marks a significant milestone for the company, which is focused on crafting innovative biomaterials inspired by nature.
Pact’s flagship product, Oval, represents a pioneering approach in the realm of sustainable textiles. As a climate-responsible alternative to leather, Oval is fabricated from natural collagen and aims to significantly curtail the carbon footprint of the textile sector. Company claims suggest that substituting just 1% of the leather used in the industry with Oval could result in a reduction of 4.8 million tonnes in carbon dioxide equivalent emissions annually.
The investment round attracted notable backing from prominent venture firms including Hoxton Ventures, ReGen Ventures, Celsius Industries, and Polytechnique Ventures. These investors are convinced of Pact’s potential to not only meet but also exceed the performance standards of traditional materials, making a case for the scalability of Pact’s solutions in the luxury fashion domain.
Dan Fitzgerald, managing partner at ReGen Ventures, remarked on Pact’s capacity to develop materials that not only meet but surpass the stringent criteria set by luxury fashion houses. His sentiments underscore the potential impact of Pact’s innovations on the market, particularly in terms of performance and sustainability.
CEO Yudí Ding emphasised the company’s dedication to integrating natural inspirations into adaptable materials that respect heritage and can be scaled to meet industrial demands. The new funds will be instrumental in amplifying Pact’s production capabilities and expanding its reach within the sustainable materials sector.
Pact’s recent funding achievement and new lab development reflect its commitment to revolutionising the sustainable materials industry.
