Hull-based Floreon Technology, developer of a revolutionary bioplastic that helps reduce carbon emissions, has received a £2m Series A investment from Northern Gritstone, an investment business targeting university spin-outs and science and technology-enabled businesses in the North of England. Floreon was created in 2011 by entrepreneur Shaun Chatterton as a spin-out of the University of Sheffield, with CTO Dr Andrew Gill joining in 2013. The company’s product is the first low-energy, non-oil-based, high-performance bioplastic. Chatterton expressed his delight at partnering with Northern Gritstone, stating that its support, investment, and experience will help develop the team and deliver the commercial strategy. On the other hand, Northern Gritstone’s CEO, Duncan Johnson, emphasized Floreon’s innovative and unique bioplastic technology, which offers producers a workable way to reduce plastic product environmental impact.
Northern Gritstone, which launched in July 2021 and closed its initial fundraise at £312m three months later, invests in the UK’s most exciting future science and technology-enabled businesses. The company has already invested in 15 such businesses across England’s northern regions. As Duncan Johnson says, Northern Gritstone’s modus operandi perfectly fits Floreon’s mission and goal of reducing the global environmental crisis caused by oil-based plastics, which underpins that Northern Gritstone’s “Profit with Purpose” philosophy helps to create world-class businesses from today’s world-class science, primarily in the North of England.