#9 Ecovia raises $1 million for health, beauty biobased polymers, inks partnership with Seppic
In Michigan, Ecovia Renewables has raised $1 million in seed financing and signed an agreement with Seppic to jointly develop and market biobased polymers for health and beauty applications. The partnership combines Ecovia’s expertise in fermentation and derivatization with Seppic’s expertise in formulation and large-scale production. The two companies will target biopolymers for topical applications in health and beauty markets. Seppic will have exclusive marketing rights to products made using Ecovia’s technology. Separately, Ecovia says it has completed an initial $1-million seed round to fund R&D, product development, and bioprocess scale-up. Seppic participated in the fundind. “This partnership on biopolymers is fully aligned with both Ecovia Renewables’ commercialization strategy and Seppic’s strategy to design and market ingredients that bring strong environmental and health benefits. It is very exciting to join the board of Ecovia Renewables at this significant milestone,” says Caroline Drouart, Director of Strategy, Acquisitions & Communications at SEPPIC. Drouart was added to Ecovia’s board of directors.