Synovance
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We are seeking to displace the toxic chemical dyes used in the textile and cosmetic industries with bio-produced eco-friendly dyes.
Problem: The Fashion Industry is the second most chemical intensive in the world, responsible for 8% of the global Green House Gas emissions and 20% of the fresh-water pollution. Global regulations are forcing industries to change this status quo.
A few facts about us:
Our company has been awarded the prestigious EU-EIC funding.
💡 Product: Bio-produced Indigo dye, exact same molecule as the synthetic dye only eco-friendly.
🌪️ Bio-indigo produces >10X less CO2 emissions compared to synthetic dye production
📈 Total Dyes Market: Over 38 B€ global
Our Synthetic Genomic strain development platform is 5X faster and 10X cheaper than state of the art.
🚀 Traction: Set up and continuously run our 1000 Liter pilot plant for 8 months. Increased our production capacity 10X, product purity 4X, and reduced production costs 5X in the last 8 months
🎉 Customer demand: Paid POCs conducted with PureDenim & the world's largest jean brand, Testing/validation of product with 3 large cosmetic companies and 1 cosmetic ingredient distributor.
👫 Founders: PhD degrees in life sciences, MBA degree, Industrial and financial experience.
Fundraise: - Current round seeking 4 Mn€ equity
- Have identified 2 co-lead investors
- Support from EIB.
- Strong commitment for 500k€ from Luxembourg Family office.
- Still seeking investors to join the round
⏱ Timeline: Close the round in Q2 2025.
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Recent activities
Synovance is now a member of the GREENHOUSE community.
Efthimia Lioliou has joined Synovance.
Synovance is now a member of the EIC Ecosystem Partnerships and Co-Investment Support Programme community.
Synovance has taken its fundraising offline.
Synovance is now a member of the EIC ACCESS+ community.
Synovance is now a member of the TechGlow EU community.
Synovance has updated its fundraising.
Synovance is now a member of the EIC Scaling Club community.
The pitchdeck document has been updated in the dataroom.
Synovance has published fundraising documents.