Sparxell attracts investment for upcycled plant waste pigments in cosmetics and packaging
(All image credits: Sparxell).03 Apr 2024 --- UK-based pigments developer Sparxell has completed a US$3.2 million funding round to accelerate the development and commercialization of products to eliminate synthetic chemicals from colorants across cosmetics, fashion, paint and packaging.
Sparxell’s pigments use the “same material that many plants and animals use” to produce “vivid, durable and fade-resistant” colorants. The products are marketed as toxin-free and fully biodegradable with a color intensity that is said to last longer than traditional colorants and pigments on the market.
Sparxell was founded in 2022 by Cambridge scientists, led by Dr. Benjamin Droguet and professor Silvia Vignolini, who discovered ways to replicate vibrant colors in nature using fully plant-based cellulose, a renewable, biodegradable resource that can be extracted from waste streams.
“Traditional chemical colorants are causing major environmental harm through every stage of their lifecycle, from manufacture to degradation. Over 10,000 fossil-based chemicals are used in current colouration processes,” says Sparxell founder and CEO, Dr. Benjamin Droguet.
“The textile industry is a well-known emitter of dyes and microplastics, with over 1.5 million metric tons entering the environment every year, while paint has recently been recognized as the largest source of microplastics in the ocean.”
Deals in the pipeline
The colorants market is worth an estimated US$38 billion and is expected to grow to over US$100 billion by 2030, highlights Sparxell.
The company is targeting specific markets including but not limited to beauty (color cosmetics, personal care, creams, sunscreens and glitter make-up), fashion (textile coloring, embellishments and sequins), packaging (bulk coloring, films and foils) and paint (automotive and building).
Natural pigments by Sparxell.Sparxell has already engaged in product innovation partnerships with blue-chip companies across different industries including leading car manufacturers, high-end fashion brands and cosmetic goods manufacturers.
“Our plant-based materials can be grown and sourced locally in a complete rethink of how colors are currently being manufactured while reducing transport emissions,” says Dr. Droguet.
Series A scheduled for this year
The company expects to launch a Series A funding round in the coming months to upscale production capacity and accelerate commercialization.
The Circular Innovation Fund — a global venture capital fund jointly managed by Demeter and Cycle Capital with L’Oréal as an anchor investor — participated in the latest seed funding. Others include SpaceX-backer Future Communities Capital, PDS Ventures, Katapult, Joyance Partners and SNØCAP VC.
In other activities within the pigments space, Univar Solutions broadened its beauty and personal care activities this week through an exclusive distribution agreement for pigments and colorants with Koel USA, a subsidiary of Koel Colours.
By Benjamin Ferrer
