Cambridge-based biotech startup Pact secures £9m in seed funding, marking a significant expansion with a new lab.
- Pact, established in 2020, is developing nature-inspired biomaterials, including a leather alternative called Oval.
- Oval, made from natural collagen, promises to reduce carbon emissions if adopted widely by the textile industry.
- The funding round was backed by notable investors such as Hoxton Ventures and ReGen Ventures.
- Pact plans to enhance production capabilities, meeting high standards of luxury fashion houses.
In a notable stride towards innovation, Cambridge-based startup Pact has successfully secured £9m in seed funding, aimed at enhancing its production capabilities. This development coincides with the inauguration of a new 13,820 sq ft laboratory, a significant milestone for the company.
Founded in 2020, Pact specializes in the creation of biomaterials that are inspired by nature. Among its innovative offerings is Oval, a flagship product that serves as a sustainable replacement for leather. Made from natural collagen, Oval is positioned as a climate-responsible option that could revolutionize the textile industry. Pact asserts that if the industry replaces 1% of its leather consumption with Oval, carbon emissions could be reduced by an impressive 4.8 million tonnes annually.
The recent funding round attracted substantial investments from prominent venture capital firms, including Hoxton Ventures, ReGen Ventures, Celsius Industries, and Polytechnique Ventures. These organizations have recognized the potential of Pact’s innovative approach and its alignment with sustainable practices.
Pact’s CEO, Yudí Ding, emphasized the company’s commitment to crafting adaptable materials that are both aesthetically pleasing and environmentally responsible. Ding stated, “Our commitment at Pact is to craft beautiful, adaptable materials inspired by and derived from the natural world.” The company’s focus is on meeting the stringent standards of prestigious global brands while maintaining scalability and sustainability.
Dan Fitzgerald, managing partner at ReGen Ventures, highlighted Pact’s capability to exceed the performance standards of traditional materials. “The Pact team have developed a platform that can utilize natural collagen sources to create beautiful materials that have exceeded the strict requirements of the world’s luxury fashion houses,” Fitzgerald remarked, underlining the exceptional quality of Oval.
Pact is poised to make a significant impact in the biomaterial industry with its innovative products and strategic expansion.
