The funding will help Greenback Recycling to further ecoVeritas certification system, which is based on blockchain and AI technologies
UK-based advanced recycling technology company Greenback Recycling Technologies has raised nearly £8m in Series A and convertible loan financing round.
The funding will allow the company to further develop its ecoVeritas packaging certification, data and compliance systems.
Greenback Recycling, which is focused on creating certified circular solutions for packaging waste, is developing a distributed, decentralised network of advanced recycling plants near the sources of plastics waste.
It purchases the plastics waste from local collectors and sorters to provide feedstock to produce food-grade packaging.
The company leverages its ecoVeritas certification system, which is based on blockchain and AI technologies, to prove the new packaging contains recycled content.
Greenback Recycling said that the successful closing of the financing round rounds off the first full year of the company’s operations.
It also includes the acquisition of ecoVeritas, a packaging compliance company and an investment in Enval, a microwave-induced pyrolysis solution for packaging waste.
Greenback 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.
“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.”