Canada's 3D BioFibR raises money in oversubscribed follow-on round

Participants in this capital raise included further investments from current investors, including Concrete Ventures, as well as new investors, including Globalive Capital. 3D BioFibR was incorporated in July of 2020. The company closed its first round of financing on October 19, 2020, raising $550,000. These funds were used to successfully demonstrate that their proprietary bio-fibre manufacturing process works well for diverse sets of cell types used in a range of bio-composite applications. Funds from this current round of financing will allow the company to focus on optimising the automation of its manufacturing process to be ready for first market sales in the second half of 2022, 3D BioFibR said in a press release.

“We appreciate the continued confidence our investors have in the company’s ability to advance our proprietary biofibre manufacturing process. As we continue to de-risk our manufacturing platform, our focus is now shifting to a higher level of engagement with industry to secure commercial partnerships, with our first focus on the tissue culture and tissue engineering applications,” Kevin Sullivan, CEO of 3D BioFibR said in a statement.

“Our unique dry spinning manufacturing process can generate high quality collagen scaffolds that are ideal for 3D cell culture and tissue-engineering applications. It is exciting to see the transition from a lab-based process to an automated system of production. These advancements will enable us to meet the market need for consistent, high-quality products at commercial scale production levels,” John Frampton, chief scientific officer at 3D BioFibR said.

“We are excited to see 3D BioFibR producing collagen and spider silk fibres at a scale and quantity that no other commercial process can match. The team at 3D BioFibR has real potential to become a best-in-class biofibre manufacturer of premium products for use in tissue culture and medical applications, as well as in the performance textile industry,” Patrick Hankinson, partner at Concrete Ventures said.

Fibre2Fashion News Desk (GK)