Valais-based start-up DePoly, located on the Energypolis Campus and supported by The Ark Foundation since its inception, has secured a total of $23 million in initial funding. MassMutual Ventures, along with other investors, joined its second round, which has just closed. This new investment of around $9 million will enable the Valais-based company, voted Switzerland’s most promising start-up last year, to continue its expansion in the field of plastic recycling, and especially PET recycling.
The expansion of its investor base positions DePoly as one of Europe’s leading recycling technology companies, with over $30 million raised in two rounds of financing and grants. MassMutual Ventures joins existing investors including Founderful, ACE & Company, Angel Invest, Zürcher Kantonalbank, BASF Venture Capital, Beiersdorf Venture Capital and Syensqo.
500 tonnes per year processed in Monthey
Each year, millions of tonnes of PET and polyester waste end up in landfills or are incinerated, while sustainable recycling solutions remain limited. DePoly, leader in the sustainable recycling of PET as a raw material, will inaugurate a demonstration plant with a capacity of 500 tonnes per year in Monthey. This marks a decisive turning point in the company’s journey from laboratory breakthrough to industrial-scale implementation.
“The future demonstration plant in Monthey validates our roadmap for creating a truly circular plastics market. After our pilot plant and demonstration plant, our next goal is to scale up to industrial level with a one-of-a-kind commercial plant based on our technology”, says DePoly co-founder Samantha Anderson. “DePoly’s proven technology is a game-changer in addressing a crucial industrial and societal challenge. This round of financing and the opening of the demonstration plant reinforce DePoly’s position as a leader in plastics recycling”, said Alix Brunet, Head of Europe at MassMutual Ventures.
Source: press release and Citybiz