OXCCU’s series B filling the missing middle
Forget Oxford University’s 1000-year history, world renowned architecture and famous graduates. Tourists only really go to the city to see Harry Potter filming locations.
In the sustainable aviation fuel (SAF) sector, OXCCU is fast becoming one of those famous graduates, , spinning out from the university in 2021. The company converts waste carbon into SAF in a one step process using their patented iron-based catalyst. This removes the need for reverse water gas shift (RWGS) or the e-methanol steps, lowering CAPEX and OPEX requirements.
This week it announced its successful series B investment round raising £20.75m ($28m). Investors in this round included Orlen VC, Safran Corporate Ventures and IAGi Ventures, with continued support coming from those involved in the series A round.
Strong strategic backing is crucial to bridging “the missing middle”, Andrew Symes, founder and CEO, OXCCU tells SAF Investor.
“The reality is strategics are very important in providing capital and technical support and strategic value … They do help with the missing middle because you do have a gap between the early-stage series A funds and then the growth funds.”
OXCCU had an over-subscribed round, but IP Ventures and Clean Energy Ventures remaining the two largest shareholders. These two purely financial venture capital firms are joined by strategic bringing strong technical support. Orlen, one of the largest oil companies in Europe, which can help with site selection. Safran sit on the ASTM committee so understands the jet fuel testing requirements. IAG bring strong expertise as global leaders in demand signalling with their offtake commitments.
The current landscape for raising capital in SAF is extremely difficult. Since President Trump came into office, there has not been large capital flows from the US into European series B companies, explains Symes.
“It is much harder raising in 2025 than it was in 2023 [OXCCU’s series A round]. But good companies are still going to get funded.”
Having very strong fundamentals is crucial to attracting investment in this difficult climate.
“You have got to have a very clear mission. For us, it is about getting the cost of SAF down. Having a genuinely strong scientific background in a sector like catalysts, which can scale and that people believe in,” outlines Symes. “Doing what you said you are going to do is also vital. We said we were going to do OX1 and we did it and it operated. Put those three things together and you can still raise.”
The next goal for the company is getting their OX2 demonstration facility at Oxford Airport operational, due to come online in 2026.
“Everyone in the company is focused on OX2 and getting it up and running as soon as possible. It is the most important thing we have. We delivered OX1 in 15 months and we want to try to deliver this one in less,” Symes tells SAF Investor.
Turns out there is no magical solution for finding investment in SAF, even in today’s uncertain times. A strong scientific proposition, a clear goal and meeting development deadlines all help make the “missing middle” disappear.
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