London bioplastics firm VOID has raised £6m to take its product international.
The sustainable tech firm, spun out of US manufacturing company Kimberly-Clark, has created a product which it says will reduce plastic consumption, via the engineering of a bioplastic polymer with microscopic hollow cavities.
Its latest funding round was led by investors SABIC Ventures B.V. and Capricorn Sustainable Chemistry Fund, managed by Belgium-based asset manager Capricorn Partners.
The firm is working with major polymer producers, packaging manufacturers and consumer goods companies to develop and launch its products in the hopes of helping these brands and their customers achieve sustainability targets.
The technology is claimed to reduce the quantity of plastic used in applications such as packaging by up to 50%, while remaining fully recyclable and stronger.
James Gibson, founding CEO of VOID, said: “We are delighted to have secured investment from two highly regarded investors during what is a very difficult time to raise finance owing to COVID-19.
“The funds will enable us to expand our laboratory and technology development capabilities and establish manufacturing in both the US and Europe.
“Our technology makes plastics lighter, stronger and more sustainable. We know this proposition is well aligned with market demand for products that use less plastic and we are looking forward to launching products with our partners.”
Aruna Subramanian, global head of SABIC Ventures, added: “Sustainability is embedded in the way SABIC does business. Our sustainability programme guides our ambition to be the world’s preferred suppliers of chemicals.
“To achieve this end, we innovate and collaborate with partners to come up with sustainable solutions for a circular future. VOID’s VO+ is a revolutionary technology to create sustainable products.”
Rob van der Meij, senior investment manager of Capricorn Partners, said: “VOID’s VO+ technology is good example how both a significant raw materials reduction and improving properties of the final material can be achieved in a well-established market such as polyethylene film based products.
“VO+ makes a substantial sustainability improvement possible for many packaging materials, whilst also improving recyclability. VOID is an excellent fit to our Sustainable Chemistry portfolio.”