UK – Xampla, a Cambridge-based cleantech enterprise, has secured US$7 million (£5.5m) in funding to propel the development of its plant-derived, biodegradable material designed to supplant conventional plastic.
The latest funding cycle saw participation from existing backers, including Amadeus Capital Partners, Cambridge Angels, Horizon Ventures, Martlet Capital, and Cambridge Enterprise. CIECH Ventures, a proponent of clean technology, joined as a new investor.
The capital accrued will be harnessed to advance the production of Xampla’s biodegradable, plant-based materials, strategically positioned to assist major brands in transitioning away from single-use plastics.
The company’s mission revolves around obviating the necessity for plastic by introducing ‘Morro,’ an exclusive material touted to rapidly and completely degrade without emitting any detrimental pollutants.
Xampla conceived Morro based on 15 years of research conducted at the University of Cambridge, targeting brands committed to diminishing their reliance on plastic.
Alexandra French, CEO of Xampla, remarked, “This investment is a testament to the shared commitment of our backers, who can see that Xampla products are the gateway to a new era in materials sustainability.
“This new funding will support the expansion of our Morro material into new territories and new applications and enable us to make a big impact. We are determined to lead the way towards a future where natural materials thrive, and traditional plastics become a thing of the past.”
This funding round builds upon the preceding rounds in 2021, where the company secured £6.2 million, and an additional £2 million in 2020, bringing the cumulative funds raised to an impressive US$17.6 million.
Additionally, this capital infusion coincides with a record-breaking year for UK climate tech funding.
Research from HSBC Innovation Banking and Dealroom reveals that in 2023, climate tech enterprises garnered an unprecedented high of US$6.2 billion, constituting 29% of the total UK venture capital investments.
This reflects a substantial 40% surge year on year, surpassing the $4.5bn raised by the UK AI sector in the previous year.
Within the realm of climate tech, sub-sectors such as electric mobility, EV batteries, circular economy, and green buildings emerged as the frontrunners in receiving substantial venture capital investments last year.
Notably, London-based Ev.energy, an app facilitating efficient electric vehicle charging management, contributed to these record figures by securing £26 million in funding in July of the preceding year.
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