A Newcastle University spinout has secured investment of £1.4m from the North East Innovation Fund and Innovate UK.
CellRev spun out in 2019 and was the brainchild of academic founders Dr Martina Miotto and Professor Che Connon.
The company focuses on technologies for the continuous manufacture of adherent cells. Their work is applicable in the fields of cell therapy, biologics, and cultured meat.
CellRev benefitted from Northern Accelerator’s Executives into Business programme. The initiative provided the company with their CEO, Leo Groenewegen, to lead the company and successfully establish it as a thriving spin-out business.
The latest funding is in the form of £1.05m raised in an investment round led by the North East Innovation Fund. Northstar Ventures manage the fund, supported by the European Regional Development Fund. Happiness Capital and CPT Capital joined the investment round. CellRev also secured a £330,000 grant through Innovate UK’s Future Economy Investor Partnership programme.
