Floreon Technology secures £2m Series A funding from Northern Gritstone to expand bioplastics production
Northern Gritstone led the £2m investment to help the Sheffield spinout scale its plant-based plastics business.
Floreon Technology produces plant-based plastics designed as a sustainable alternative to fossil-fuel materials. Its proprietary compounds offer high performance and fire safety certifications for various industrial applications.
Floreon Technology has raised £2m in a Series A funding round led by Northern Gritstone to expand its team and commercialise its plant-based bioplastics. The company, which originated as a spinout from the University of Sheffield, has engineered low-energy, non-oil-based plastics derived from sources such as corn and sugar cane.
The capital will be deployed to support research and development, grow headcount, and drive market entry for products including its Therma-Tech and Dura-Tech lines. The investment aligns with Northern Gritstone's regional focus on backing science and technology businesses in the North of England.
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
chief executive, Northern Gritstone
Use of funds
- 01Grow the team
- 02Fund research and development
- 03Accelerate go-to-market
Investors
Categories
About the company
Floreon Technology
Floreon Technology develops plant-based plastics as a sustainable alternative to fossil-fuel materials.