Sparxell raises $3.2m in seed funding and grants to scale sustainable colourants
The round drew participation from investors including Circular Innovation Fund, Katapult, and Joyance Partners to accelerate commercialisation.
≈ £2.5M at $1 = £0.7952 on 2 Apr 2024
Sparxell develops high-performance, sustainable, plant-based pigments derived from renewable cellulose sources.
Sparxell has raised $3.2m in a funding round comprising seed investments, grants, and awards. The capital came from a group of investors including Circular Innovation Fund, Future Communities Capital, PDS Ventures, Katapult, Joyance Partners, and SNØCAP.
The company will direct the proceeds toward accelerating product commercialisation, expanding manufacturing capacity for pilot production, undertaking trials with key distributors, and growing its headcount. The raise comes as brands increasingly seek alternatives to traditional synthetic colourants in sectors such as cosmetics, fashion, and packaging.
From the founder
"The global movement towards plant-based alternatives has experienced exceptional growth in recent years with a reshaping of entire industries such as meat and dairy. The same opportunity exists within colourants, driven by a common interest of consumers, brands and regulators to transition to fully sustainable, biodegradable, circular products. Most brands are committed to eliminating synthetic chemicals from manufacturing processes altogether. Our plant-based materials can be grown and sourced locally in a complete rethink of how colours are currently being manufactured while reducing transport emissions. The industrial applications for Sparxell’s products are broad, from cosmetics and textiles to paints and packaging"
Benjamin Droguet
Founder and CEO at Sparxell
Investor perspective
"The Circular Innovation Fund has invested in Sparxell because its nature-inspired colourants address a range of concerns including plastic waste, carbon emissions, human rights, and water savings. With colourants being such an important component of cosmetics, we are especially excited to see the application of Sparxell products in this sector"
Stéphane Villecroze
Co-Founder & Managing Partner, Circular Innovation Fund
Use of funds
- 01Continue product development
- 02Expand into international markets
- 03Invest in sales and marketing
- 04Grow the team
Investors
Stéphane Villecroze
Circular Innovation Fund
Rohit Gupta
Future Communities Capital
PDS Ventures
Jørn Haanæs
Katapult
Yang Chen
Joyance
Shrina Kurani
SNØCAP