2010 Competition Second Prize winner Solegear Bioplastics announced today that it has received a strategic investment from Best Buy Capital, the investment arm of Best Buy Co., Inc.
“We are pleased to confirm this strategic investment in our business by Best Buy Capital. Their commitment to our organization is further validation that Solegear’s unique customer engagement process continues to deliver value for today’s leading global brands,” said Solegear founder and CEO, Toby Reid. “Our strategy of delivering bioplastic solutions to today’s sustainability leaders allows Solegear to help them capitalize on the opportunities that are increasingly arising from the transformation toward a bio-based economy.”
In addition to the recent Series A financing, led by Yaletown Venture Partners, this commitment from Best Buy Capital has accelerated the development of two additional breakthrough bioplastic formulations under Solegear’s Polysole® brand name, both of which will be introduced to the wider market in 2013.
“This strategic commitment from Best Buy is real market-based validation of Solegear’s commercialization model. Solegear is committed to changing the way that we make and dispose of products made from plastic, and we’re very pleased to add Best Buy as a key partner on this journey,” said Solegear Executive Chair, Paul Antoniadis.
Vancouver-based Solegear Bioplastics was founded in 2006.