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 is a Hull-based spinout from the University of Sheffield that produces plant-based bioplastics as an alternative to oil-based polymers.
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.
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 Technology
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
About the company
Floreon Technology
Floreon Technology develops plant-based bioplastics as an eco-friendly alternative to traditional polymers.