CuanTec, the blue biotech company, have completed an investment round with Sky Ocean Ventures and Scottish Enterprise that will enable them to process at pilot production scale and finalise their formulations.
The investment will also create new jobs at the CuanTec lab at the European Marine Sciences Centre at Dunstaffange outside of Oban.
The investment round has been led by Sky Ocean Ventures – Sky’s impact investment fund committed to accelerating ideas that can help turn off the plastics tap and the Scottish Investment Bank, the investment arm of Scottish Enterprise, Scotland’s national economic development agency.
Cait Murray-Green, CEO of CuanTec: “CuanTec are working to provide compostable alternatives which will eliminate single-use plastic from the food industry. We are delighted by the support of Sky Ocean Ventures and Scottish Enterprise in enabling this early stage technology to move forward and to help create scientific jobs in rural Argyll and in Motherwell.”
“Increasingly the investment community has also taken up the challenge and SOV has proven to be a valuable partner who believe strongly in our team and in what we are trying to achieve – to make plastic pollution history.”
Jamie Rowles, Head of Investment, Sky Ocean Ventures: “We are excited to support the next phase of CuanTec’s development, alongside Scottish Enterprise, on the company’s journey to imbed their formulations into the packaging of fresh produce. We have developed a strong relationship with the team over the last 6 months, and their strong passion and desire to develop sustainable solutions to single use packaging is unmatched.”