University of Cambridge spin-out Xampla has announced it has closed a £6.2m seed finance round, led by the backers of Zoom, to accelerate the roll-out of its next-generation plastic replacement. The investment follows a £2m round announced in April.
Next generation plastic start-up accelerates growth with further £6m seed investment
The company has ambitious plans to replace microplastics and single-use plastics with its entirely natural plant-protein alternatives. Xampla is chaired by Jeff Seabright, the former Chief Sustainability Officer of Unilever, and this year was the first UK university spin-out to secure B Corp accreditation.
The finance round was led by Horizons Ventures, the private investment arm of Mr Li Ka-shing, which is a leading investor in some of the world’s most innovative companies and disruptive technologies including Facebook, Zoom, Waze, Spotify, Siri, DeepMind, Improbable, and Impossible Foods.
Xampla is also backed by deeptech investor Amadeus Capital Partners, Cambridge Enterprise, and the impact investment fund Sky Ocean Ventures.
Bart Swanson of Horizons Ventures said: “We invest in highly innovative companies in Asia, Europe and the US with the potential to disrupt on a global scale.
“Xampla’s excellent core science and strong commercial advantages set it apart in the race for a replacement to plastic, and we look forward to working with the team to build the business over the coming years.”
Amelia Armour, Partner, Amadeus Capital Partners added, “Plastic pollution is a global problem which has a viable solution in Xampla’s plant-protein alternative. It has been exciting to help Xampla gain traction and we welcome Horizons Ventures as an investor who shares Amadeus’ vision for this great company.”
Jeff Seabright, Xampla Chair, said: “The Xampla team has had a great first year, with excellent technical and commercial progress.
“We look forward to working with Horizons and our other investors to continue to build Xampla and deliver its significant commercial potential by addressing one of today’s most pressing problems – plastic pollution.”
Amadeus Capital Partners is a global technology investor. Since 1997, the firm has raised over $1bn for investment and used it to back more than 130 companies. With vast experience and a great network, Amadeus’ team of investors and entrepreneurs share a passion for the transformative power of technology. We invest in consumer services, financial technology, artificial intelligence, cyber security, medical technology, digital healthcare and digital media.