Hull-based bioplastics developer Floreon Technology has secured a £2m Series A investment from Northern Gritstone.
Floreon has developed the world’s 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: “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.”
Duncan Johnson, CEO of Northern Gritstone said: “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.”
Northern Gritstone was launched in July 2021 and announced the final close of its initial fundraise at £312m in October 2023.
It has already made 15 investments in some of the UK’s most exciting future science and technology-enabled businesses.