Greenback Recycling Technologies, a company striving to develop circular solutions for packaging waste, has closed an approximately £8m series A financing round.
The firm says it is building a globally distributed, decentralised network of advanced recycling plants near the sources of plastic waste. It 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, it uses its ecoVeritas certification system, which is based on blockchain and AI technologies.
The funding will support the further development of these packaging certification, data and compliance systems.
Founder and CEO Philippe von Stauffenberg said: “In the recycling industry, we are beginning to see how impactful advanced plastics recycling can be for food contact packaging.”
He said the firm was helping consumer goods companies meet their ambitious targets to reduce the virgin plastic content in their packaging, without compromising its quality and availability.
“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.”