Earth VC Backs Sparxell’s $3.2 Million Round to Advance Sustainable Pigments in Asia

Earth Venture Capital (Earth VC), a climate tech VC firm based in Vietnam, has joined a $3.2 million funding round for Sparxell, a UK-based developer specializing in sustainable, plant-based pigments. 

The round, which includes seed investments, grants, and awards, was spearheaded by the Circular Innovation Fund, managed by Demeter and Cycle Capital, with L’Oréal serving as the lead investor. Other significant contributors include Future Communities Capital, PDS Ventures, Katapult, Joyance Partners, and SNØCAP VC.

Earth VC plans to leverage its regional expertise to facilitate Sparxell’s entry into emerging Asian markets. The firm aims to promote the adoption of Sparxell’s high-performance, eco-friendly pigments within Asia’s rapidly growing textile and cosmetic sectors.

Sparxell’s technology replicates natural plant coloration by arranging cellulose nanocrystal particles to reflect specific wavelengths of light. Their initial offerings include high-performance colors such as metal-like and pearl shades, which are vivid and resistant to fading. They also provide functional pigments with UV protection and thermal reflection in various formats—powders, formulations, foils—and sizes ranging from glitter to fine particles. Unlike traditional dyes, which often cause color fading, Sparxell’s photonic pigments maintain their vibrancy and performance over many years without discoloration under sunlight.

By reducing the environmental impact associated with traditional dyes, Sparxell’s technology enhances sustainability across multiple sectors, including beauty, fashion, packaging, and paint. This advancement promises to improve the eco-friendliness of products in these industries, from color cosmetics and textiles to packaging materials and automotive paints.

“Traditional chemical colorants are causing major environmental harm through every stage of their lifecycle, from manufacture to degradation. Over 10,000 fossil-based chemicals are used in current coloration processes. The textile industry is a well-known emitter of dyes and microplastics, with over 1.5 million tonnes entering the environment every year, while painting has recently been recognized as the largest source of microplastics in the ocean,” said Dr. Benjamin Droguet, Sparxell Founder & CEO.

The Asia-Pacific pigments market, valued at approximately USD 13.44 billion in 2024, is projected to grow to USD 17.60 billion by 2029. Sparxell’s plant-based pigments are poised to play a crucial role in this expansion, particularly in Asia, where advanced solutions like Sparxell’s are limited. 

Developed by Cambridge scientists, Sparxell’s technology aims to enhance the textile industry’s sustainability by helping manufacturers manage chemical usage more effectively. The technology has already proven its market fit with prominent companies across various sectors, including major automotive brands, luxury fashion houses, and leading cosmetics manufacturers.

Following this successful funding round, Sparxell plans to scale its manufacturing capabilities to support pilot production and secure further partnerships for product development. The company will also conduct additional product trials with key industry players and expand its team. Given the strong interest in Sparxell’s sustainable pigments and their applications across multiple industries, the company anticipates launching a Series A funding round in the near future to boost production and accelerate market entry.

“The most impressive thing is not just how efficient the team is, but the beauty of nature they seek to apply to the world. Trees, leaves, and flowers have been creating colors long before human civilizations in an authentic and non-toxic way. Benjamin and his elite team have resolved most of the technical issues involved in mimicking nature to create colors. It is time to scale up the business, and Asia is where we seek to engage in the near future. The market is massive, and the impact is colossal, not only for a sustainable Earth but for a naturally colorful future for humanity,” said Tien Nguyen, Founding Partner at Earth VC.

AsiaTechDaily’s Innovation Exchange Program

We are thrilled to name Kishore Ravichandran as our ‘Investor of the Month’ for July 2024! ?

Join us for a live session with Kishore, where he will share his insights on “Best Practices for Startups to Engage and Collaborate Effectively with Corporations for Mutual Benefit.”

? Date: 30th July
? Time: 2.0 pm SGT
? Entry: Free