In Germany, traceless materials has raised €36.6 million ($38.8 million) to scale its biobased plastic alternative. The company’s technology uses agricultural residues as feedstock and generates 91% lower CO2 emissions compared to incumbent materials.
The Series A was led by UB FIGG and SWEN CP’s Blue Ocean fund. A local banking syndicate consisting of GLS Bank, Hamburg, and Hamburger Sparkasse also participated in the financing round, as well as the company’s three existing investors: green-tech investor Planet A Ventures, seed investor High-Tech Gründerfonds, and deep tech investor b.value.
“Through scaling our innovative technology, we prove that a climate-friendly, circular, resilient and regenerative industry is possible,” Anne Lamp, Co-Founder & CEO, said in a press statement. “With our novel biomaterial, we can make a significant contribution to solving plastic pollution. We are convinced that UB FIGG and SWEN’s Blue Ocean fund are a great addition to our shareholders as they have relevant knowledge in our industry.”
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Category: Chemicals & Materials
