Plant-based pigment developer Sparxell secures 3.2 million dollar funding
Sparxell was the 2023 Ray of Hope Prize Winner
Reprinted from FashionUnited
UK manufacturer of plant-based pigments Sparxell has announced the closing of a 3.2 million dollar funding round which it said it would use to help accelerate the development and commercialisation of its products.
The funding, made up of seed investments, grants and awards, saw support from anchor investor Circular Innovation Fund, a venture capital fund managed by Demeter and L’Oréal’s Cycle Capital.
Sparxell utilises fully plant-based cellulose, a “renewable, biodegradable resource” that can be extracted from waste streams, with the goal to eliminate the need for synthetic chemicals in colourants.
The firm itself, which operates in the 38 billion dollar colourants sector, is looking to target the fashion industry through textile colouring, embellishments and sequins; and beauty, with colour cosmetics and personal care products, among other things.
Sparxell won the 2023 Ray of Hope Prize presented by the Biomimicry Institute.
Read the full story on FashionUnited.
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