Kelpi, a biomaterial technology company, has successfully secured £4.35m ($5.55m) in a recent funding round to further develop and market its innovative packaging solutions.
This funding exceeds the initial target of £3m and involves contributions from various investors, showcasing strong support for Kelpi's potential in the market.
Diverse investment support
The equity funding round was led by Blackfinch Ventures and included participation from Green Angel Ventures, Kadmos Capital, QantX, Evenlode Foundation, and the South West Investment Fund.
Notable follow-on investments came from Bristol Private Equity Club, One Planet Capital, and several private angel investors.
This broad range of investors underscores the market’s confidence in Kelpi’s forward-looking technologies and business model.
Expanding operations and regulatory approvals
The newly acquired funds are earmarked for a series of strategic initiatives. Kelpi plans to expand its operations, grow its team, and conduct scale-up pilots.
These steps are critical as the company prepares for the commercial launch of its products.
Furthermore, the investment will assist Kelpi in advancing manufacturing pilots and securing necessary regulatory approvals for its proprietary coatings, which are intended for use on paper and cardboard packaging.
Eco-friendly biomaterial innovation
Kelpi’s technology focuses on creating biomaterials that perform as well as or better than traditional plastics, with enhanced water barrier properties and resistance to grease or acidic contents.
What sets Kelpi apart is its use of renewable feedstocks - specifically, sustainably farmed seaweed.
This not only supports environmental sustainability but also helps in carbon sequestration and ocean deacidification, benefiting broader ecological systems.
Kelpi's innovative solutions have already attracted research and development contracts with global corporations such as L’Oréal, Diageo, and Waitrose, in collaboration with its tropical fresh fruit supplier, Blue Skies.
This suggests a growing market interest and potential widespread adoption of Kelpi’s biomaterials in various industries.
With the completion of this successful funding round, Kelpi is set to enhance its position in the biomaterial market.
The investment allows the company to accelerate its development of eco-friendly packaging solutions that could play a crucial role in reducing dependency on fossil fuels and addressing plastic pollution.
