Pact, a Cambridge-based biotech startup, has successfully raised £9m in seed funding, marking a significant milestone in their growth journey.
- The company plans to open a new 13,820 sq ft laboratory, enhancing their capacity for biomaterial innovation and production.
- Pact focuses on developing “nature-inspired” biomaterials, with their flagship product, Oval, offering a sustainable alternative to traditional leather.
- Investors in the funding round include Hoxton Ventures, ReGen Ventures, Celsius Industries, and Polytechnique Ventures.
- Pact aims to address environmental concerns by reducing carbon emissions in the textile industry with their innovative materials.
Pact, operating from Cambridge, has made a notable advancement by securing £9m in seed funding. This financial boost is a testament to the company’s potential and the growing interest in sustainable materials.
The startup seeks to enhance its production capabilities with the opening of a sizable 13,820 sq ft lab in Cambridge. This facility aims to spearhead their research and development of biomaterials.
Pact’s flagship product, Oval, stands out as a sustainable alternative to leather. This material, made from natural collagen, is positioned as a ‘climate-responsible’ option for the textile industry. Pact estimates that even a minimal uptake of Oval—just 1% replacement of leather—could result in a significant reduction of carbon emissions by 4.8 million tonnes annually.
The seed funding round saw participation from notable investors such as Hoxton Ventures, ReGen Ventures, Celsius Industries, and Polytechnique Ventures. This indicates strong confidence in Pact’s mission and the viability of its products.
Dan Fitzgerald, managing partner at ReGen Ventures, emphasised the breakthrough nature of Pact’s innovations. He highlighted that many new companies struggle to meet existing performance standards, but Pact’s work has exceeded expectations within the luxury fashion sector.
Pact’s strategic funding and expansion plans position it as a key player in sustainable biomaterials.
