Cambridge-based Xampla wants to replace single-use plastics used on an everyday basis. Now, the next-generation plastic replacement company has secured funding to accelerate the roll-out of its solution.
Next-generation plastic replacement!
The University of Cambridge spin-out has announced that it has just closed £6.2M seed funding led by Zoom. Well, the investment round was led by Horizon Ventures, a private investment arm of Mr Li Ka-shring that has led investments in innovative companies and disruptive technologies such as Zoom, Facebook, Spotify, Waze, Improbable, DeepMind, Impossible Foods and Siri.
Besides them, Xampla is also backed by deeptech investor Amadeus Capital Partners, Cambridge Enterprise, and the impact investment fund Sky Ocean Ventures. Notably, this funding round follows the £2M funding it secured back in April last year. The ambitious plastic replacement company has announced that it will use the fresh funds to accelerate the roll-out of the next-generation plastic replacement.
Bart Swanson of Horizons Ventures said: “Xampla’s excellent core science and strong commercial advantages set it apart in the race for a replacement to plastic, and we look forward to working with the team to build the business over the coming years.”
Amelia Armour, Partner, Amadeus Capital Partners added, “Plastic pollution is a global problem which has a viable solution in Xampla’s plant-protein alternative. It has been exciting to help Xampla gain traction and we welcome Horizons Ventures as an investor who shares Amadeus’ vision for this great company.”
World’s first plant protein material
Xampla has created the world’s first plant protein material meant for commercial use. This material performs like conventional plastic but decomposes naturally sans harming the environment. The company works with the mission to replace daily single-use plastics such as flexible packaging films and sachets and less obvious plastics such as microplastics within lotions and liquids with its plant-based alternative that can be naturally decomposed.
Xampla is chaired by Jeff Seabright, the former Chief Sustainability Officer of Unilever, and is the first UK university spin-out to secure B Corp accreditation.
Jeff Seabright, Xampla Chair, said: “We look forward to working with Horizons and our other investors to continue to build Xampla and deliver its significant commercial potential by addressing one of today’s most pressing problems – plastic pollution.”
The post This ambitious startup wants to replace daily single-use plastics with plant-based alternative appeared first on UKTN (UK Tech News).
