Xampla, a cleantech company from Cambridge, has raised $7m (£5.5m) in funding to advance its plant-based, biodegradable material that aims to replace plastic.
The startup’s mission is to eliminate the need for plastic by replacing it with ‘Morro’, a proprietary material that the company claims can break down quickly and fully without releasing any harmful pollutants.
Xampla developed Morro based on 15 years of research conducted at the University of Cambridge and is targeting brands looking to reduce plastic use.
“This investment is a testament to the shared commitment of our backers, who can see that Xampla products are the gateway to a new era in materials sustainability,” said Alexandra French, CEO of Xampla.
“This new funding will support the expansion of our Morro material into new territories and new applications and enable us to make a big impact.
“We are determined to lead the way towards a future where natural materials thrive, and traditional plastics become a thing of the past.”
The funding round featured participation from CIECH Ventures and previous backers Amadeus Capital Partners, Horizon Ventures, Cambridge Angels, Cambridge Enterprise and Martlet Capital.
“Xampla’s innovative approach and impact on the industry align deeply with the values of CIECH Ventures,” said Szymon Smyk, CEO of CIECH Ventures.
“Cleantech solutions capable of addressing real-world problems, such as plastic pollution, and promoting sustainable development are of particular interest to us.”
The company previously raised £6.2m in a funding round in January 2021.
The raise comes off the back of a record year for UK climate tech funding. Research from HSBC Innovation Banking and Dealroom shows that in 2023 climate tech firms raised an all-time high of $6.2bn, accounting for 29% of total UK VC investments.
Source: uktech.news
