Hull-based bioplastics developer Floreon Technology has secured a 拢2m Series A investment from Northern Gritstone.
Floreon has developed聽the world鈥檚 first low-energy, non-oil-based, high-performance bioplastic and can reduce carbon emissions by up to 7x compared with oil-based alternatives.
Northern Gritstone is an investment business focused on university spin-outs and science and technology-enabled businesses in the North of England.
Floreon Technology is a spin-out from the University of Sheffield and was founded by the entrepreneur Shaun Chatterton in 2011.
CTO Dr Andrew Gill joined in 2013, having completed his PhD and a Knowledge Transfer Partnership with the University of Sheffield.
Shaun Chatterton, founder and chair of Floreon said:聽鈥淓veryday oil-based plastics are contributing to the global environmental crisis.
鈥淥ur vision is to offer brands an alternative product and through this transform the global plastics market. We are delighted to partner with Northern Gritstone.
鈥淭heir support, experience and investment will enable us to develop our team and deliver our commercial strategy.鈥�
Duncan Johnson, CEO of Northern Gritstone said:聽鈥淔loreon has developed an innovative and unique technology that offers producers a genuine route to reducing the environmental impact of their plastic products.
鈥淭his truly fits into Northern Gritstone鈥檚 鈥楶rofit with Purpose鈥� philosophy helping to create the world class businesses of tomorrow from the world class science that exists in the North of England today.鈥�
Northern Gritstone was launched in July 2021 and announced the final close of its initial fundraise at 拢312m in October 2023.
It has already made 15 investments in some of the UK鈥檚 most exciting future science and technology-enabled businesses.