Cambridge-based biotech company Pact has successfully raised £9 million to expand with a new laboratory space.
- Pact specialises in developing ‘nature-inspired’ biomaterials, aiming to reshape the textile industry.
- Their flagship product, Oval, presents a sustainable alternative to traditional leather materials.
- The recent funding round was supported by prominent investors such as Hoxton Ventures and ReGen Ventures.
- Pact’s innovative approach focuses on using natural materials to meet luxury brand standards.
Cambridge-based biotech group Pact has made significant strides by securing £9 million in seed funding, a move set to bolster its expansion with a new laboratory in the city spanning 13,820 sq ft.
Founded in 2020, Pact develops innovative ‘nature-inspired’ biomaterials, with its flagship offering, Oval, designed as a sustainable alternative to leather. This product is crafted from natural collagen, positioning itself as a ‘climate-responsible’ solution in the textile sector.
Pact asserts that a mere 1% replacement of global leather use with Oval could reduce carbon emissions by 4.8 million tonnes annually. Their commitment to sustainability and adaptation is at the core of their operations. ‘Our commitment at Pact is to craft beautiful, adaptable materials inspired by and derived from the natural world,’ explained CEO Yudí Ding.
The recent funding round, which fuels this expansion, drew investments from notable backers including Hoxton Ventures, ReGen Ventures, Celsius Industries, and Polytechnique Ventures. Dan Fitzgerald of ReGen Ventures commended Pact’s efforts, stating, ‘The Pact team have developed a platform that can utilise natural collagen sources to create beautiful materials that have exceeded the strict requirements of the world’s luxury fashion houses.’
The establishment of an extensive lab space in Cambridge signifies Pact’s readiness to scale production and enhance its capacity to cater to global demands, aligning with its objective to provide sustainable material solutions at a commercially viable scale.
Pact’s recent achievements underscore its pioneering role in the sustainable biomaterials industry with a focus on environmental impact and luxury standards.
