The Edinburgh based company, founded in 2019 by the late Gary Loake, focused on developing natural plant-based wellness ingredients through biotechnology, a process which involved collecting plant samples, cleaning and cultivating stem cells and scaling production in bioreactors to extract beneficial compounds.
However, following an unfortunate series of events, Green Bioactives was unable to raise the minimum funds needed to attain pre-awarded grants after an investment fell through.
“It’s a brutal time for anyone trying to raise money, especially if you’re in the development phase,” Meaney said. “There just doesn’t seem to be money out there, particularly from venture capitalists.”
He added that several other companies…