- The funding round, which includes industrial partner Indorama Ventures, marks a major milestone in Polymateria’s efforts to tackle plastic pollution globally
- Polymateria’s biotransformation technology safely returns commonly polluted plastic items to nature without leaving any microplastics or toxic residue, and has gained significant traction among customers worldwide
- Polymateria has appointed ABC Impact’s Chief Impact Officer Sugandhi Matta to its board, which is chaired by the Blackstone Group International Partners Chair, Marc Bolland.
- The proceeds from this funding round will be used to accelerate the commercialisation of Polymateria’s technology at scale, while also prioritising investment in its people and R&D capabilities
3 May 2023, Singapore – Singapore-based impact private equity fund ABC Impact, together with sustainable chemical company Indorama Ventures, has led a £20 million Series B funding round in Polymateria Limited (“Polymateria” or the “Company”), the British company which has pioneered biotransformation technology to combat plastic pollution.
Proceeds from the funding round will be used to accelerate commercialisation of Polymateria’s biotransformation technology on a global scale. The company intends to both increase penetration into existing markets and expand into new markets where fugitive plastic pollution is most acute, including developing further in Asia. Polymateria also plans to boost its R&D capabilities by investing into its in-house laboratory at Imperial College London.
Sugandhi Matta, Chief Impact Officer at ABC Impact, commented: “With the strength of Polymateria’s scientific underpinning and the vast scalability of its technology, we believe that the solution developed by the company can help address challenges in plastic packaging related pollution. We look forward to helping the team expand its commercialization reach and further generate impact at scale in Asia.”
Lee Davy-Martin, Co-Founder and Board Member of Polymateria, said: “I’m tremendously excited to be embarking on the next step of Polymateria’s journey. We founded Polymateria to make a real difference to one of the world’s biggest environmental challenges. With the backing of investors like ABC Impact and Indorama Ventures, we are well on the way to achieving our mission.”
The Company’s biotransformation technology has uniquely proven full biodegradation of plastic items into water, CO2and biomass without leaving any microplastic or toxic residue in the open environment. The technology can be deployed with no changes to existing manufacturing processes and is compatible with existing recycling streams, giving it unrivalled scalability. Recent high-profile customers include Twickenham Rugby Stadium, the Chicago Marathon and 7-ELEVEN Taiwan.
Yash Lohia, Chairman of the ESG Council at Indorama Ventures, said: “We’re delighted to be following our money into Polymateria’s Series B round. What started as a relationship between customer and technology provider has now become a strategic alliance. IVL is excited by the potential of Polymateria’s biotransformation technology and we look forward to seeing it rolled out on supermarket shelves with many of the world’s most recognised brands.”
Polymateria has appointed Sugandhi Matta to its board, which is chaired by the Blackstone Group International Partners Chair, Marc Bolland.