News

Canadian bioplastics provider Solegear secures funding

Vancouver, B.C.-based bioplastics technology firm Solegear Bioplastics Inc. has secured Series A financing, led by Yaletown Venture Partners and joined by a number of leading angel investors.


Print this page

August 18, 2012 by Canadian Plastics

Vancouver, B.C.-based bioplastics technology firm Solegear Bioplastics Inc. has secured Series A financing, led by Yaletown Venture Partners and joined by a number of leading 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.

Solegear is currently producing bioplastics on a commercial scale. The company’s bioplastics production process takes in fermented plant starch as its primary feedstock. The fermented starch essentially serves as a molecular backbone of Solegear’s proprietary polymers; the material is thermally compounded with a number of proprietary inputs to create a bio-based polymer suitable for use in high-performance applications.

According to Toby Reid, the Series A funding will support the company’s activities in several ways. Reid said that a portion of the funding will help meet customer demand through the purchase of raw materials and sales support. Some of the funding will also be used for intellectual property purposes and to put a strong management team in place that will allow the company to continue to grow.

“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.”