BSF Enterprise PLC, a company specializing in tissue-engineered materials, has announced plans for a £15 million equity fundraise to accelerate the commercialization of its core technologies in lab-grown leather, corneal repair, and cell culture media for biomedical applications. The investment is part of a broader strategy to expand the company’s capabilities and market presence in these emerging sectors.
“The funds will accelerate the commercial and technological roadmaps of LGL, Kerato, and 3DBT”
The fundraise, which includes a combination of convertible loan notes and warrants, is structured to raise up to £5 million in initial proceeds, with the potential for an additional £10 million if certain warrants are exercised. The company intends to use the funds to advance its technology platforms, strengthen commercial partnerships, and support ongoing product development.
Geoff Baker, Chairman of BSF, commented on the significance of the investment, stating, “The investment is expected to prove transformative to the strategic development of BSF. It will provide the capital required to accelerate the commercialization of our subsidiary companies’ core cutting-edge technologies in lab-grown leather, cultivated meat, and corneal repair.”
BSF’s cross-sector growth strategy
A significant portion of the funding will be directed towards BSF’s subsidiary, Lab-Grown Leather (LGL), which is focused on creating bio-based materials through tissue engineering. The company plans to commercialize its Elemental X™ platform, which integrates bioengineered cellular structures to produce leather-like materials. This platform will be showcased in 2026, with a planned event featuring a product made from T-Rex DNA, a first in the bio-materials sector.
In addition to LGL, BSF will allocate part of the funding to its corneal repair division, Kerato. The company plans to use approximately £500,000 of the proceeds, along with a Canadian government grant, to conduct a veterinary trial of its liquid cornea solution to validate the product, a biosynthetic cornea designed to replace traditional donor grafts.
BSF’s 3D Bio-Tissues (3DBT) subsidiary will also benefit from the fundraise, with a focus on expanding its portfolio of cell culture media components. The company recently launched CytoBoost REVIVE, a media additive that has shown promise in restoring biological materials from low-temperature storage. The product is expected to be particularly valuable in the biopharma and biomedical research sectors, where cryopreservation is a critical process.
A two-phase fundraising approach
The equity fundraise also positions BSF for potential acquisitions or joint ventures with companies whose technologies complement its existing portfolio. The company has expressed interest in using part of the funds to pursue strategic mergers and acquisitions, further enhancing its technological footprint and accelerating innovation in the bioengineered materials market.
The equity fundraise will be structured in two phases, with the first phase involving the subscription of Prepaid Warrants by investors. BSF will raise £4.7 million through this phase, with additional funding potentially secured through the exercise of Cash Warrants. The company’s board is seeking approval for a 12:1 share consolidation and the necessary capital headroom at a General Meeting scheduled for December 17, 2025. Should the resolutions be approved, the fundraise is expected to be completed by January 30, 2026.
Che Connon, CEO of BSF, stated, “We are hugely excited by the potential Blackstone Mercantile Group’s investment provides to BSF’s subsidiary companies. The funds will accelerate the commercial and technological roadmaps of LGL, Kerato, and 3DBT and will support their further independent fundraising activities during 2026.”
