CellRev’s technology provides cellular product developers and manufacturers with a scalable cost-efficient production platform for adherent cells. The company’s continuous processing platform is gaining interest worldwide with a full launch planned in 2024.
The startup today announced that it has raised £1.05 million in an investment round led by the North East Innovation Fund, supported by the European Regional Development Fund and managed by Northstar Ventures, alongside Happiness Capital, a global impact investor, and CPT Capital. CellRev has also secured £330,000 of grant funding provided by Innovate UK through its Future Economy Investor Partnership programme.
CellRev, a spin-out from Newcastle University, has developed a suite of technologies which offer scalable, quality-controlled, efficient, and affordable processes that make adherent cell culture a viable commercial option for innovative cell and gene therapies and cultured meat. The global production of cells is forecast to grow at pace over the next decade and CellRev has developed significant commercial interest in its technology.
The company was founded by Dr Martina Miotto, who while completing her PhD in Corneal Tissue Engineering, discovered that with the right additive in the system cells that were adherent to a surface could continue to proliferate and detach in a controlled manner. This breakthrough forms the basis of CellRev’s technology. Together with co-founder Che Connon, Professor of Tissue Engineering at Newcastle University Dr Miotto continued ongoing lab research, eventually spinning out the research from Newcastle University into company CellRev.
Chris Green, CEO of CellRev, said: ‘2024 is shaping up to be a defining year for CellRev with a significant product launch and some big customer collaborations in the pipeline. Continuous processing continues to be labelled an ‘unlock’ for an industry struggling with scale, cost, and product consistency challenges so finally being able to get our product into the hands of customers is huge. I can’t thank Northstar, our existing investors, and IUK enough for their continued support.’
Thomas O’Neill, Investment Manager at Northstar Ventures, said: ‘We are delighted to support CellRev with further funding, alongside co-investors and Innovate UK. CellRev has developed leading technology with potential applications across many high growth and exciting sectors and this additional funding will enable them to capitalise on the significant opportunities they have in their pipeline.
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About Northstar Ventures
Northstar Ventures is a venture capital and social investment firm based in the North East. We provide funding for innovative, scalable businesses and high impact social enterprises. We’ve been supporting entrepreneurs since 2004, seeking out strong teams with great ideas that will drive high growth, scalable businesses, and sustainable charities. As the North East’s leading early stage investor, we have invested over £100m into start-ups, early stage businesses and high impact social enterprises. Our investment managers have a wealth of experience supporting new and growing businesses and bring commercial and operational experience, PhDs and MBAs, international careers and even a micro-business or two.
About The North East Fund
The North East Fund is a suite of five venture capital and loan funds which was established in April 2018, to invest £130m in around 600 North East businesses in the period to December 2023. The fund managers provide business development advice and investment finance to small and medium sized enterprises based in the seven Local Authority areas of North East England: Northumberland, North Tyneside, Newcastle, South Tyneside, Gateshead Sunderland and County Durham. The programme encourages investment in and the commercialisation of new technologies, including low carbon technologies, as well as stimulating new business creation, private investment and entrepreneurialism in the North East, with a view to creating over 2,500 new jobs. The North East Fund has overall responsibility for the programme, which is delivered through five separate funds, each managed by independent, FCA regulated fund managers. Details of these, and up to date information on the progress of the programme, is available on The North East Fund’s website: www.northeastfund.org.
The North East Fund has been established with funding from the North East of England European Regional Development Fund programme, the European Investment Bank and from returns on previous North East based, publicly supported investment funds. It is jointly owned by the seven North East local authorities.
About the European Regional Development Fund
The North East Fund will receive up to £66,500,000 of funding from the England European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020. The Department for Levelling Up, Housing and Communities is the Managing Authority for European Regional Development Fund. Established by the European Union, the European Regional Development Fund helps local areas stimulate their economic development by investing in projects which will support innovation, businesses, create jobs and local community regenerations.
For more information visit: https://www.gov.uk/european-growth-funding
About the European Investment Bank
The European Investment Bank (EIB) will lend up to £60,000,000 to the North East Fund programme. The European Investment Bank is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals.
For more information, visit: http://www.eib.org/about/index.htm
About Happiness Capital
Happiness Capital, a global venture capital firm based in Hong Kong, empowers entrepreneurs to co-create a happier world. Currently, its investment portfolio covers seed to growth stage companies in the US, Europe, Israel, and Asia. It creates a global impact on food, environment, health, and trust. Happiness Capital is a member of Lee Kum Kee Group.
For more information visit: https://www.happinesscapital.com
CPT Capital (“CPT”) is a pioneer with unrivalled experience investing in the alternative proteins sector globally. CPT invests in visionary companies creating the future of food and materials without animals. Focused on the sector since 2015, CPT Capital invests from pre-Seed onwards, partnering with founders as they build businesses. CPT’s mission is to disrupt the global food system through alternative proteins to realise a more sustainable, ethical and nutritious food system that replaces animals in the supply chain. CPT’s portfolio of more than 60 companies includes market leaders globally across all protein verticals (plant-based, recombinant, cultivated) and the enabling technologies that support them.
For more information, visit https://cptcap.com/