Greenback Recycling Technologies, an advanced recycling technology company focused on creating certified circular solutions for packaging waste, has closed an approximately £8m series A financing round.
Greenback is building a globally distributed, decentralised network of advanced recycling plants near the sources of plastic waste.
The company buys this waste from local collectors and sorters to provide feedstock for the production of food-grade packaging. To evidence the recycled content in the new packaging, Greenback uses its ecoVeritas certification system, which is based on blockchain and AI technologies.
The successful closing of the financing round rounds off a strong first full year of operations for Greenback. This included the acquisition of leading packaging compliance company ecoVeritas, as well as an investment in Enval, a pioneering microwave-induced pyrolysis solution for packaging waste.
The new funding will enable Greenback to further develop its ecoVeritas packaging certification, data and compliance systems.
Greenback’s Founder and Chief Executive Officer Philippe von Stauffenberg said:
“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.”
Chris Tyas, Senior Independent Director and a former Senior Vice President of Nestlé’s Global Supply Chain, added:
“More than ever before, consumers are actively choosing companies that can demonstrate industry-leading sustainability credentials by including increased recycled plastic content in their packaging. Not only will Greenback’s advanced plastic recycling technologies enable major companies to demonstrate their leadership, but they will also play a vital role in reducing the plastic waste that currently blights landscapes and environments around the world.”