Floreon secures £2m in Series A funding from Northern Gritstone to expand operations.
Northern Gritstone backed the Hull-based bioplastics developer to support team expansion and commercialisation.
Floreon develops plant-based bioplastics designed to act as high-performance alternatives to traditional oil-derived polymers. The technology offers improved safety and sustainability characteristics for industrial applications.
Bioplastics developer Floreon has secured £2m in Series A funding from Northern Gritstone. The capital will enable the company to grow its workforce and commercialise its plant-based plastic alternatives. Based in Hull, the university spin-out produces high-performance materials designed to substitute fossil fuel plastics in various manufacturing sectors.
From the founder
"Everyday oil-based plastics are contributing to the global environmental crisis. Our vision is to offer brands an alternative product and through this transform the global plastics market. We are delighted to partner with Northern Gritstone. Their support, experience and investment will enable us to develop our team and deliver our commercial strategy."
Shaun Chatterton
Founder and Chair at Floreon
Investor perspective
"Floreon has developed an innovative and unique technology that offers producers a genuine route to reducing the environmental impact of their plastic products. This truly fits into Northern Gritstone’s ‘Profit with Purpose’ philosophy helping to create the world class businesses of tomorrow from the world class science that exists in the North of England today."
Duncan Johnson
CEO, Northern Gritstone
Use of funds
- 01Grow the team
- 02Accelerate go-to-market