Vytrus Biotech, a company specialising in active ingredients derived from plant stem cells for the cosmetics industry, has closed a capital round of 2.3 million euros, between a capital increase and the sale of shares, in which it has increased and renewed part of its shareholding.
Part of the funds, 1.2 million euros, were raised through the capital increase, which was led by Boyser, a family office linked to one of Fluidra's founding families and in which minority shareholders also participated. The price of the capital increase was set at €2.37 per share.
The funds raised in the capital increase will be used entirely to finance the company's expansion, mainly focusing on inorganic operations and the introduction of new technologies.
Vytrus has also brought several institutional investors into its shareholding, which will together hold around 5% of the capital. The transactions have been carried out through the purchase and sale of shares on the block market for an amount of around €1.1 million at the same price as the capital increase.
Vytrus thus reinforces its pool of shareholders, with the aim of accompanying the expansion foreseen in the Strategic Plan until 2027. After the financing round, the founders of the biotech company, Albert Jané and Òscar Expósito, jointly hold 34% of the capital.
Zamit Capital, one of GVC Gaesco's investment funds that joined the shareholding in December 2021, increases its stake to 8.5%. Boyser will join the shareholder pool with 6.5%. Julia Patrimoni, the family office of the Perfumerías Julia group, has also participated in the financing round and maintains its stake at 5.4%. After the round, the Institut Català de Finances holds 5.8% of the capital.
Albert Jané, co-founder of Vytrus has stated that ‘with this round of capital, we consolidate a pool of first class shareholders, who will be key in the expansion strategy of the company in the coming years’.
In the financing round, GVC Gaesco Valores has acted as Registered Advisor and as Agent Entity of the Company and IMB Grup as legal advisor.
Strong expansion of the business in 2024
Vytrus obtained a global growth of 32% of sales in the first quarter of 2024 with regard to the same period of 2023, led by the recovery of the markets of USE and Europe in this start of exercise (+35%).
The first quarter growth has boosted Vytrus' year-on-year sales (sales in the last 12 months), which have exceeded 4 million euros for the first time in its history. These good figures boost the forecasts of the biotech company, which recently published its Strategic Plan with which it expects to multiply its sales by 3 to 12 million euros and its EBITDA by 4 to 5 million euros in 2027.
Two pillars for the future: multi-technology and closer proximity to partners
The strategic plan for the coming years is based on two main pillars. On the one hand, Vytrus will transform itself into a multi-technology company in the cosmetic active ingredients sector. On the other hand, the company will expand and strengthen its commercial activity, building long-term relationships with customers and bringing Vytrus' innovations closer to the market. The company foresees a mix of organic and inorganic growth, where Vytrus estimates that 60% of its revenues in 2027 will come from its existing plant stem cell business and the remaining 40% will come from new technologies and acquisitions.
Oscar Expósito, co-founder of Vytrus, said: ‘We are proud to have turned a disruptive technology such as plant stem cells into a profitable business based on innovation and sustainability. The deal we are closing is another step towards becoming an innovation hub where all the group's technologies will converge’.
A sustainable business vision based on ESG criteria
For 15 years, Vytrus has been developing high added-value active ingredients for the cosmetics industry on an industrial scale and marketing globally on 5 continents.
The company was already born as a sustainable business model due to its biotechnological base. Thanks to its technology, sales of Vytrus' Active 4.0 have saved more than 140,000 tonnes of water in its production processes compared to traditional plant extracts used until now in cosmetics. For every kilo of ingredient sold, the company is able to save up to 97% of its water consumption compared to its competitors with traditional extracts.
In addition to the sustainability of its technology, Vytrus has been committed for years to a strong ESG (Environment, Social and Governance) project, channelled through 4 main axes: Planet, People, Business and Society. These transversal axes are interconnected with the 10 Principles of the United Nations Global Compact and the 17 Sustainable Development Goals for 2030.