In a significant boost to the biomaterials industry, Cambridge-based company, PACT, has successfully raised over $20m in a Series A funding round. The funds will be used to expand its sustainable biomaterial platform and scale up its production capacity. The financial round was co-led by global venture capital firm Forbion and HV Capital, with participation from existing investors. This funding news was reported by Silicon Canals.
Understanding PACT’s Vision
PACT specializes in creating biomaterials utilizing natural resources such as collagen, herbal extracts, oils, and minerals. The company’s flagship product, Oval, is a next-generation collagen-based biomaterial designed for roll-to-roll manufacturing. It was developed to meet the creative, commercial, and environmental needs of global brands, providing a practical solution to replace plastic in various sectors like fashion, interiors, footwear, and automotive applications.
“Oval is engineered to meet the creative, commercial, and environmental demands of global brands, offering a drop-in solution to replace plastic across fashion, interiors, footwear, and automotive applications,” the company explained in their statement.
PACT’s Investment and Future Plans
The investment will be used to accelerate the commercial rollout of Oval and support the scale-up of production at the company’s newly commissioned pilot line in Cambridge. PACT’s 13,000-square-foot facility, which includes laboratory and pilot production areas, will see increased activity as the company expands.
The funding will also help the company meet the rising demand from leading luxury brands and lifestyle maisons and explore new markets in interiors, footwear, and automotive applications.
The Impact of Sustainability Regulations
This expansion comes at a time when brands are grappling with new EU regulations that mandate stricter sustainability practices and increased supply chain transparency. PACT’s biomaterials offer a sustainable and scalable alternative to traditional textile coatings, such as plastic, and are designed to be traceable and compatible with existing supply chains.
Forbion and HV Capital: Backing Innovation
Forbion is a global venture capital firm with a strong European presence. It manages approximately €5B across multiple fund strategies, investing in innovative biotech companies.
“PACT has combined scientific rigour with design excellence to create a biomaterial platform that meets the highest standards of performance, sustainability, and scalability,” lauded Joy Faucher, Partner at Forbion BioEconomy.
HV Capital, an early-stage and growth investor in Europe, has invested in over 250 internet and technology companies. It has expressed excitement about backing PACT as they redefine sustainable consumer materials in fashion and related markets.
“What excites us most is Yudi and the team’s rare combination of deep technical expertise and a genuine understanding of fashion customers. That blend positions PACT to lead the industry’s transition at scale, not at the margins”, said Maxi Pethö-Schramm, Principal at HV Capital.
As PACT continues to grow and develop its biomaterial platform, the recent investment serves as a testament to the company’s innovation and commitment to sustainability. With the backing of significant investors like Forbion and HV Capital, the future looks promising for this Cambridge-based company.
