Octarine Bio, a Copenhagen-based synthetic biology startup, has secured €4.35 million ($4.6 million) in funding to advance sustainable, nature-based dyes for the fashion industry. The investment round was led by Unconventional Ventures, an impact venture capital firm, along with support from Óskare Capital and The Footprint Firm, as well as dsm-firmenich Venturing. This funding brings Octarine’s total funding to over €12 million, which will be used to accelerate the development and commercialization of their flagship products, particularly innovative sustainable dyes.
Octarine Bio specializes in addressing the environmental impact of the textile dyeing industry through its precision fermentation process. They create a wide range of sustainable, nature-based dyes that can be seamlessly integrated into existing supply chains, replacing the harmful synthetic dyes currently in use.
Octarine’s approach offers a solution to the negative environmental consequences of synthetic dyes, which include greenhouse gas emissions, wastewater pollution, and chemical releases. Their innovative dyes are produced through microbially fermented colors and can be applied to natural and synthetic fibers without additional chemicals or mordants.
The company’s mission is to lead the fashion industry towards sustainable practices and contribute to reducing its environmental footprint. Octarine’s progress in developing sustainable dye products has garnered support and recognition from investors and industry leaders, positioning them as pioneers in transforming the textile dyeing industry.
Addressing the significant environmental impact of the textile dyeing industry, Octarine’s first-in-industry precision fermentation process develops a vibrant spectrum of sustainable nature-based dyes which can be seamlessly integrated into an organisation’s existing supply chain.
Thea Messel, Co-founder and General Partner at Unconventional Ventures, comments: “The textile industry must switch to a more aggressive decarbonization trajectory in order to reduce its contribution to greenhouse gas emissions, water pollution and, ultimately, climate change. Octarine’s ground-breaking technology leads the way in transitioning the industry towards sustainable practices and away from harmful synthetic dyes. With Nethaji and Nick’s expertise, execution power, and visionary leadership, we are confident they will make a lasting impact on the fashion industry, making us a proud backer of Octarine.”
Nethaji Gallage, CEO and Co-founder of Octarine, comments: “At Octarine, we are driven by a more sustainable future where pressing environmental and social challenges are met with innovative, game-changing, and sustainable solutions. Octarine’s synthetic biology platform has allowed us to quickly iterate from one ingredient to validating our platform capabilities, and today we collaborate with global industry leaders on the path to commercialization of our flagship products. We’re thrilled to welcome new investors on our exciting journey, and we’re pleased to receive follow-on investments from existing investors and greatly appreciate their continued support in our commitment to pioneering innovative solutions that can truly transform our world.”
Alexandre Ouimet-Storrs, President and Co-Founder of Óskare Capital, stated that “Óskare Capital scouted and first invested in Octarine three years ago and they have made phenomenal progress since then, expanding its pipeline and validating its platform beyond initial products. The sustainable dye product line is truly ground-breaking, and we hope to see many more innovative products come to market thanks to Octarine’s strong biotech platform.”
“We are truly excited to partner with Octarine on this next part of their journey and are keen to help accelerate success and ultimately enable the fashion industry to take a much-needed leap towards a more sustainable future. We are deeply impressed with what the team has achieved and find their scientific foundation and truly novel dyeing solution second to none,” commented Jonas Ahm-Lundgren, Chief Investment Officer at The Footprint Firm.
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Read the orginal article: https://arcticstartup.com/octarine-bio-raises-e4-35m/
