The round was led by the Development Bank of Wales
Left to right: Tom Davies, investment executive at the Development Bank of Wales; Luke Burke, co-founder and director, Corryn Biotechnologies; and Adrian de Courcey, lead investor.(Image: Matthew Horwood)
Advanced skincare and cosmetics company Corryn Biotechnologies has secured a £500,000 equity investment to support commercialisation and scale-up of its cosmetic aftercare products in the UK and US.
The funding round was led by the Development Bank of Wales, with investment from the Wales Technology Seed Fund II and the Wales Angel Co‑Investment Fund, alongside a syndicate of 11 UK, US and Brazilian business angels and SFC Capital Partners.
This latest investment from the Development Bank of Wales follows an earlier investment in March 2024 and will enable Corryn to accelerate commercial traction, scale its manufacturing capabilities and grow its team in Wales as it expands across its priority markets.
Based at the Bay Technology Centre in Port Talbot, Corryn has established clean room manufacturing capabilities, along with advanced fabrication and characterisation laboratories – underpinning its plans to grow hi-tech manufacturing in the region. The company expects the investment to support the creation of nine new jobs in Wales over the coming years, including two roles in the near term and a further seven technically skilled roles as manufacturing scales.
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Corryn’s primary technology is a handheld device used to apply a matrix of extremely fine polymer fibres directly on to the skin, maximising their benefit for a range of care and beauty applications.
These materials provide a breathable, porous covering that conforms to the contours of the skin, and is capable of carrying a range of beneficial additives. The technology has been developed and is finalising regulatory approvals to allow commercial use as a cosmetic, initially in the UK and US market, with expansion to further territories planned in 2027 and beyond.
The company is also building its intellectual property position, with two patents pending connected to its technology and the way materials are combined and manufactured. The business is anchored in Wales but is also developing a presence in the US, where one of its co-founders is based.
The funding comes at a time of strong global demand in the cosmetics and personal care sector. The aesthetics market is currently a multi-billion-dollar market globally and this is expected to continue growing at a significant rate. There have also been some notable exits by companies operating in this space for high multiples of revenues.
Luke Burke, co-founder and chief executive of Corryn Biotechnologies, said: “Having the Development Bank of Wales backing us from an early stage has been hugely important in helping us reach this point. This investment gives us the runway to commercialise and scale in the UK and US, while keeping our manufacturing and job creation firmly rooted here in Port Talbot.
“We’ve already built clean room capability in south Wales, and we’re now focused on growing the team and scaling production as we take the product to market.”
Tom Davies, investment executive at the Development Bank of Wales, said: “Corryn is a standout example of a Wales-based business developing real strength in research, product development and manufacturing. Our early-stage investment in March 2024 enabled the team to advance its product pipeline, and this follow-on funding supports the next phase –commercialisation and scale-up. It also highlights how the Technology Seed Fund can work effectively alongside the Wales Angel Co-investment Fund, providing vital early-stage capital and leveraging support from angel investors.”
Adrian de Courcey, lead investor for the syndicate of business angels, said: “Corryn has developed a compelling product and a clear commercial plan for scaling in the UK and US. The combination of a growing market opportunity, strong execution focus and an established base in Wales made this an attractive investment. I’m pleased to be leading a syndicate of angels to support the team as they commercialise and scale.”