Cellugy to raise €2.38 million in seed round funding from the European Innovation Council Accelerator

Cellugy, an Aarhus, Denmark-based biotech company, announced that it secured funding of €2.38 million ($2.9M).

The money was raised from the European Union's European Innovation Council Accelerator, via its pilot phase 2 program.

Cellugy, founded in 2018 by Isabel Álvarez-Martos, Deby Fapyane, and Paruntungan Sihombing, developed EcoFLEXY, a next-generation sustainable barrier coating designed to sustainably replace fossil-based plastic in the packaging industry. EcoFLEXY is produced through the bioconversion of surplus sugar using a patent-pending white biotech process. It can be used in combination with paper, cardboard, and other bio-based materials and meet the performance requirements of the packaging industry, all whilst being fully recyclable and biodegradable.