Cambridge-based biotech startup Pact secures £9m in seed funding for innovative biomaterials.
- Pact introduces ‘Oval’, a natural collagen-based leather alternative.
- New 13,820 sq ft lab in Cambridge to enhance production capabilities.
- Investment backed by Hoxton Ventures, ReGen Ventures, and others.
- Oval promises to significantly reduce carbon emissions in textile industry.
In a noteworthy development, Cambridge-based biotechnology firm Pact has successfully secured £9 million in seed funding. This significant investment is aimed at expanding their pioneering work in creating biomaterials that draw inspiration from nature. Pact’s noteworthy triumph underscores the burgeoning interest and substantial financial backing that innovative, sustainable technologies continue to attract, particularly those that address pressing environmental challenges.
Pact’s flagship innovation, ‘Oval’, stands out as a remarkable alternative to traditional leather. Engineered from natural collagen, Oval is not only a testament to scientific ingenuity but also exemplifies a commitment to environmental responsibility. The leadership at Pact articulates a vision where the integration of such materials could substantially diminish the carbon footprint of the textile sector, proposing a potential reduction of carbon dioxide equivalent emissions by 4.8 million tonnes annually with only a 1% replacement of traditional leather usage.
The newly raised funds are set to propel Pact into a new era of operational capacity with the unveiling of a 13,820 square foot laboratory in Cambridge. This expanded space is expected to significantly enhance the scale and efficiency of production processes. This development reinforces Pact’s strategic objective to meet the demands of prestigious global brands by delivering scalable and versatile biomaterials without compromising on quality or heritage.
Pact’s ambitious endeavours have captured the attention and financial commitment of notable investors, including Hoxton Ventures, ReGen Ventures, Celsius Industries, and Polytechnique Ventures. According to Dan Fitzgerald, managing partner at ReGen Ventures, Pact has adeptly developed a platform that not only meets, but exceeds, the performance standards required by luxury fashion houses. This endorsement from the investment community reflects a growing confidence in Pact’s ability to lead in the sustainable materials space.
CEO Yudí Ding emphasises the company’s dedication to crafting high-quality materials that align with both environmental ethics and the rich traditions of luxury brands. The expansion into a larger laboratory premises marks a pivotal stage for Pact, enabling it to scale its innovations effectively to meet market demand.
Pact’s strategic advancements and successful funding underscore its potential to drive sustainable innovation in the biomaterials industry.
