A German startup hoping to help put an end to plastic pollution has just raised 36.6 million euro (around $38.9 million) in a mixture of equity and debt.
Hamburg-based Traceless, founded in 2020, has developed a plant-based biomaterial using agricultural waste to replace plastics.
The startup material uses the existing natural polymers that are in its raw material, which requires up to 80% less energy to process compared to conventional plastics, Lamp said.
Traceless produces its material as small pellets to provide to product manufacturers, which then mould it to their needs.
The startup hopes to have replaced 1 million tonnes of plastic by 2030.
Persons:
Anne Lamp, compostable, Traceless, Joanna Baare, Baare, Hamburger Sparkasse
Organizations:
UB Forest Industry, Growth, SWEN Capital Partners, GLS Bank, Planet A Ventures, Tech
Locations:
Hamburg, Antarctica