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Impossible Materials Ltd. in Marly (Switzerland) secures CHF 3.4m from an over-subscribed seed funding round led by Mission Possible Capital with minority investments from Inter IKEA Group and Cambridge Enterprise.
Impossible Materials Ltd., a Swiss spin-out from the University of Cambridge and the University of Fribourg, has successfully raised CHF 3.4m (€ 3.4m) in seed funding. 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, Apprecia Capital, and several experienced Swiss angel investors. In the past, Impossible Materials won the prestigious de Vigier Prize and has been accepted in the Venture Kick accelerator program.
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. 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.Dr Lukas Schertel, CEO, Impossible Materials
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.Nicolas Berg, Founding Partner, Mission Possible
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.