Polymateria Secures £20M in Series B Funding to Expand Biodegradable Plastic Technology
Polymateria, a prominent scale-up based at Imperial College London's White City Campus, has achieved a significant milestone in its mission to combat global plastic pollution. The company recently announced a successful £20 million Series B funding round. This investment is earmarked for scaling up its revolutionary technology that renders plastics biodegradable, addressing a critical environmental issue.
Innovative Solution to Plastic Pollution
Polymateria's cutting-edge technology uniquely addresses the issue of plastic waste leakage from collection systems, a problem that accounts for an estimated 32% of plastics globally. The technology is designed to attract microbes that biotransform plastic products such as bags and packaging, enabling these materials to biodegrade in the natural environment without leaving behind microplastics or harmful residues.
An important aspect of this technology is its ability to allow manufacturers to control the lifespan of plastic products. This ensures that the plastics remain functional for their intended use but can still be recycled, with recycling remaining the preferred method of disposal.
Strategic Investments and Global Expansion
The recent funding round was led by Singapore-based impact private equity fund ABC Impact and sustainable chemical company Indorama Ventures. These investments will catalyze Polymateria's efforts to commercialize its technology on a global scale, with a particular focus on expanding its reach in Asia.
Lee Davy-Martin, Co-Founder and Board Member of Polymateria, expressed enthusiasm about the company's new phase: “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.”
Commitment to Research and Development Further investment will be channelled into Polymateria's research and development facility at Imperial’s Translation & Innovation Hub (I-HUB). Located in the heart of the White City Innovation District, I-HUB is a co-location facility that fosters collaboration between researchers and businesses. Polymateria's journey began at Imperial’s White City Incubator, which provided essential office and lab space, as well as access to a vibrant entrepreneurial community. CEO Niall Dunne reflected on the company's growth, noting the significant benefits gained from being part of Imperial’s ecosystem.
Polymateria's latest funding round not only marks a pivotal moment for the company but also signifies a major step forward in the global fight against plastic pollution. With its innovative technology and strategic partnerships, Polymateria is poised to make a significant impact on the manufacturing industry and environmental sustainability.