An organization that has supported numerous prospective start-ups in Britain with hundreds of millions of pounds in funding, a university spin-offs vehicle, is now allocating a seven-figure sum to a developer of low-carbon bioplastics.
A funding round for Floreon, a company that implements a technology developed at the University of Sheffield, is being led by Northern Gritstone.
Environmental Impact and Market Revolution
Shaun Chatterton, an entrepreneur, established Floreon in 2011. The company pioneered sugar cane and maize-based bioplastics.
Comparable in performance to a prevalent plastic polymer used extensively in the automotive industry, electrical appliances, and entertainment.
“Common oil-based plastics contribute to the worldwide environmental crisis,” stated Mr. Chatterton, who currently serves as the chairman of Floreon.
By providing brands with an alternative product, we intend to revolutionize the global plastics market.
Northern Gritstone’s Growing Impact in Investment
Northern Gritstone’s chief executive officer, Duncan Johnson, remarked that Floreon had created “an original and innovative technology that provides manufacturers with a legitimate means of reducing the environmental impact of their plastic products.”
This aligns perfectly with the ‘Profit with Purpose’ philosophy of Northern Gritstone. This ideology aspires to build world-class firms of the future using North England’s world-class science.
Northern Gritstone has funded an expanding portfolio of companies over the past year. Including Floreon, which recently completed a £312 million fundraising round from institutional investors and pension funds.
It is becoming one of the UK’s largest investors in intellectual property-rich university spin-offs and firms.
Established by the universities of Leeds, Manchester, and Sheffield, the organization has attracted the personal investments of M&G Investments, Lansdowne Partners, and Andrew Law, the CEO of Caxton Associates hedge fund.
In total, the universities comprise over 33,000 postgraduate students and over 8,400 devoted researchers, constituting a formidable talent pool.
Their yearly revenue exceeds £2.6 billion, and they have provided lodging for 38 Nobel Prize laureates.