We closed a NZ$5M oversubscribed round.
WELLINGTON 27 MAY 2022
We have closed an oversubscribed round of NZD $5M. The raise will allow the development and sampling of alternative coatings to replace current hazardous water-repellent chemicals used by the global textiles and apparel industries.
Veronica H. Stevenson, CEO and founder of Humble Bee Bio, said that raising this round of capital felt different, with a more purposeful atmosphere around the investors.
“Two international strategic investors led the round. Their technical and commercial experience in synthetic biology are extraordinary; their investment in Humble Bee Bio is a hugely significant indicator of the value of what we are doing and our company’s future success.
“They’re seeing entire VC funds dedicated to synthetic biology and plastic pollution. We were ahead of the curve, and it is where we intend to stay.”
A lead investor, who wishes to remain anonymous, adds that advancements in biotech have created an ecosystem where biological design can shift to product design rapidly and at scale.
“The last two decades in biotechnology have rendered and democratised so much knowledge that innovation can arise anywhere on the globe and be matriculated to commercial goods and services.
“I can see endless utility for truly biodegradable plastics that meet functional requirements from fishing leader line to diagnostic test components. I am thrilled to be involved and excited to see the crossover potential of this platform.”
Long-term investor, Steph Haworth (Angel HQ) adds that the ability to replace existing toxic and unsustainable plastics with superior materials was an extraordinary investment opportunity.
“Awareness of the enormity of the world’s plastics problem has also grown, which makes the importance of taking plastics pollution out of the realm of individual responsibility by providing the industry with better materials for creating consumer products a compelling motivation for purpose-driven investors like myself,”
We have long-term aspirations to create a suite of biomaterials with market applications in electronics, aerospace and defense, medical devices, animal health, and construction
This raise is a convertible note as part of a Series A round, with strong commitments to follow on from investors.