Solegear Bioplastics Secures Series A Round led by Yaletown Venture Partners
Competition alumni Solegear Bioplastics announced today that it has secured Series A financing led by Yaletown Venture Partners and joined by a number of leading angel investors.
Solegear won the 2010 competition’s Second Prize as well as the BC Hydro Sustainability Prize and the BCIC Economic Impact Prize.
“The completion of this major financing milestone is yet another important step toward Solegear’s goal of being a leader in the bioplastics industry,” says Solegear founder and CEO, Toby Reid. “Our focus on customizing our Polysole® bioplastic solutions for our customers’ unique sustainability needs has allowed us to differentiate in the marketplace. By creating a network of strategic partners for R&D, distribution and fulfillment, we are able to access the very latest biopolymer technology and deliver high-performance bioplastics products at a competitive price. This capital-efficient business model has been very appealing to both our customers and the investment community.”
Solegear’s Polysole® bioplastic material will continue to be extended into different high-performance applications, widening the platform from which the company produces its 100% bio-based, non-toxic and compostable bioplastics.
“This funding allows Solegear to accelerate its commercialization with key global customers to deliver customized bioplastic solutions that meet their sustainability objectives to rethink packaging, remove toxicity and reduce their footprint,” says Solegear Executive Chair, Paul Antoniadis.