Greenback Recycling Technologies secures £8m in series A and convertible loan financing from private investors and the UK government.
The financing round was led by private investors alongside contributions from the UK government.
Greenback Recycling Technologies develops decentralised advanced recycling plants and blockchain certification systems to process plastic waste into food-grade packaging material. Headquartered in London, the company operates a distributed network to provide certified circular solutions for packaging.
Greenback Recycling Technologies has secured approximately £8m in a series A and convertible loan financing round to support its waste recycling operations. A private investor consortium led the £3.6m series A portion, while the UK government and other backers contributed £4.3m through convertible loans.
The capital will support the ongoing development of the company's ecoVeritas certification, data, and compliance systems. This financing follows a busy initial year of operations that included the acquisition of ecoVeritas and a stake in Enval.
From the founder
"In the recycling industry, we are beginning to see how impactful advanced plastics recycling can be for food contact packaging. Greenback is helping the world’s major consumer goods companies meet their ambitious targets to reduce the virgin plastic content in their packaging, without compromising its quality and availability. By creating additional local collection, sorting and recycling jobs, we are also contributing to many of the UN’s Sustainable Development Goals. The completed round of funding from our private investors and the UK government will enable us to accelerate our programme of lighthouse projects that demonstrate shelf-to-shelf circularity of packaging."
Philippe von Stauffenberg
Founder and Chief Executive Officer at Greenback Recycling Technologies
Use of funds
- 01Continue product development
- 02Fund research and development
Investors
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About the company
Greenback Recycling Technologies
Greenback Recycling Technologies builds decentralised recycling plants and compliance systems for plastic packaging waste.