Award-winning Vancouver-based startup Solegear Bioplastics, a developer of bioplastic technologies, today announced it has secured Series A financing. The funding round was led by Yaletown Venture Partners and joined by angel investors.
“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.
“We believe Solegear is in a strong position to capitalize on the fast growing bioplastic sector by having a suite of high performance bioplastics that provides brand owners with the performance features they need at prices competitive with traditional petroleum based alternatives,” said Salil Munjal, Partner with Yaletown Venture Partners. “Solegear’s modular technology platform forms the basis of a smart business model that is both customer-centric and scalable.”
The company was founded in Vancouver in 2006. In 2010, Solegear was awarded Frost & Sullivan’s Best Practices Award recognizing outstanding achievement and superior performance in leadership, technological innovation, customer service, and strategic product development.
“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.
Founded in 2007, Yaletown Venture Partners' team has more than 120 years of collective experience building and financing technology companies.
The value of the Series A financing was not disclosed.