The Venture Codex Logo

The Venture Codex

ICIG Ventures

Goetheplatz 5-7, Frankfurt, D-60313, Germany

Overview

ICIG Ventures is the venture capital arm of the International Chemical Investors Group.

Total investments
1
Lead investments
1
Investments · 12mo
0
Active investors
1

Sector focus

  • Venture Capital
Visit website

Investment portfolio

  • Cellugy

    Led · Seed · May 2024

    Cellugy produces EcoFLEXY, a biofabricated cellulose rheology modifier positioned to replace fossil-based carbomers and prevent microplastic release from personal care products. The material is fully biobased and biodegradable while offering enhanced stability, compatibility, and sensorial properties that aim to match or exceed petrochemical alternatives. Cellugy is scaling production through the BIOCARE4LIFE project, focusing on process optimisation, operational efficiency, and commercial validation. A specialist consortium including The Footprint Firm and Sci2sci will support environmental-impact validation and production optimisation. The company projects EcoFLEXY will prevent the release of 259 tons of microplastics annually by project completion and scale to 1,289 tons per year by 2034. The new funding will support scaling activities over a four-year period. Cellugy develops natural, biofabricated cellulose-based materials, including its EcoFLEXY dry cellulose product, aimed at replacing fossil-based materials across industrial applications. The company is led by CEO and co-founder Isabel Alvarez-Martos. Cellugy intends to scale EcoFLEXY to industrial production volumes and expand operations. The funding will also support product co-development partnerships to enter new application areas. The company plans to grow its IP portfolio and increase headcount to support commercialization. Cellugy is based in Søborg, Denmark. Cellugy develops EcoFLEXY, a 100% natural bio-cellulose biomaterial produced via bioconversion of surplus sugar using a patent-pending white biotech process. EcoFLEXY is designed as a sustainable barrier coating to replace polyethylene on coated paper and cardboard, enabling packaging that is recyclable, biodegradable, and compatible with existing waste management systems. The company aims to help the packaging industry comply with the European 2030 ban on single-use plastics while remaining competitively priced. Cellugy plans to scale up production, pursue technical optimization, establish a pilot plant, and carry out pre-deployment activities. Founded in 2018, the team includes co-founders Isabel Álvarez-Martos, Deby Fapyane, and Paruntungan Sihombing. Financially, Cellugy previously raised €430K in a pre-seed round (project value €720K) from Novo Nordisk BioInnovation Institute and Sky Ocean Ventures and has now secured €2.38M from the EIC Accelerator to fund scale-up.

Team