Impossible Materials Ltd., a Swiss spin-out from the University of Cambridge and the University of Fribourg, has closed its seed round. The new funds will be used to construct a pilot facility in Marly, Switzerland, and expand the team, as they continue their mission to bring high-value, plant-based formulation ingredients to the markets.
Fribourg based Impossible Materials is focused on turning cellulose into functional ingredients that can replace heavy metal materials in existing markets, and enable growth in newly created segments, e.g. plant-based food.
Impossible Materials is led by CEO Lukas Schertel and Chief Business Officer Oliver Polcher, combining a proven record in technical and business leadership. They are complemented by the extensive experience in the field of cellulose by Chief Technology Officer, Wadood Hamad, and Scientific Advisor, Prof Silvia Vignolini.
«We are thrilled to have secured this seed funding, which will enable us to take our technology to the next level,» says Lukas Schertel, CEO of Impossible Materials. «Our platform technology is ready for the next step towards mass-production. I am grateful to work every day with such an experienced team that allows attracting highly qualified co-workers. We are confident that our technology will play a leading role in engineering high-value plant-based formulation ingredients that can have a positive impact on the environment and society.»
The funding round was oversubscribed and led by Mission Possible Capital, a new Swiss venture capital fund with founding partners who previously co-founded Zattoo, Cash.ch, Flisom and Redalpine Venture Partners. Co-investors included Inter IKEA Group, Cambridge Enterprise, Capital Risque Fribourg, Big Idea Ventures, EFI Lake Geneva Ventures, Apprecia Capital, and several experienced Swiss angel investors.
Joining the Board of Directors, Nicolas Berg, Founding Partner at Mission Possible, comments: «Mission Possible is excited to support this complementary team of founders with a proven track record in cellulose science, scale up, and business development. We had monitored their progress as a jury member in the Venture Kick accelerator process, and we were impressed by the pipeline of corporates for partnership opportunities. The US$ 30bn pigment market needs a rapid substitution due to regulatory pressure and consumer demand, making Impossible Materials poised for success.»
Constructing a pilot facility in Marly
The new funds will be used to construct a pilot facility in Marly, Switzerland, and expand the team, as they continue their mission to bring high-value, plant-based formulation ingredients to the markets. Impossible Materials won last year the prestigious de Vigier Prize and has been accepted in the Venture Kick accelerator program.
(Press release)
From left to right on picture: Lukas Schertel, Wadood Hamad, Silvia Vignolini and Oliver Polcher.
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