As per ESG Today, Denmark-based Cellugy offers bio-based and biodegradable alternatives to carbon-intensive petrochemicals. The company's team uses cellulose-producing microorganisms to generate high-quality cellulose suitable for replacing fossil-fuels derivates in sensitive products, such as personal care, as well as textiles.

As per company officials, the funding will be used to scale its EcoFLEXY dry cellulose product to industrial volumes, as well as expanding the partnerships that contribute to the development of this product for various applications.

Dr. Isabel Alvarez-Martos, CEO and co-founder at Cellugy said that "reliance on fossil-based petrochemical ingredients is today’s most critical sustainability issue in producing personal care products. With our technology, we genuinely see a future completely free from these polluting ingredients. Our mission is to develop sustainable solutions for everyday products, so we’re naturally pleased to partner with impact-driven investors."