Best Buy Capital, the investment arm of Best Buy, has made a strategic investment in Solegear Bioplastics, a Vancouver-based developer of bioplastic technologies.
The Canadian company previously raised a Series A round from Yaletown Venture Partners and angel investors.
“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 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.”
Solegear says that this strategic investment further strengthens its initiative to "become a global leader in the bioplastics industry." According to the company, this new funding has accelerated the development of two additional bioplastic formulations under Solegear’s Polysole brand name. Both will be introduced this year.
“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.
Solegear was founded in 2006.