People use and throw away too much plastic. His terrible for the environmentContributes to global warming and may contain substances dangerous for our own health.
This is not latest information. Consumers are already quite aware of the horrors of plastic and feel guilty about how much we devour. We spend billions on things like paper straws and fancy reusable water bottles.
Yet plastic stays ubiquitous – from berry cartons, through bottle caps, to shopping bags. In tandem, global plastic waste exists on track to almost triple by 2060 in comparison with 2019 levels.
The overconsumption of plastics is not a problem that startups are more likely to solve alone. However, over the years they have raised significant funds to develop more environmentally friendly substitutes, higher manage waste and create useful products from recycled materials.
Investments proceed to flow into this space as well. Last yr, startups tackling the global plastics problem in some form raised greater than $300 million in latest funding, in keeping with Crunchbase data.
Startups save us from plastic and plastic waste
To get an idea of where the money is going, we have compiled a list of 31 firms that have raised funding in the last 12 months.
This is a diverse range, covering the whole lot from recycled thermoplastics to plastics seaweed pack for recycled plastic water bottles.
However, inside this broad set, three themes stood out: greener consumer products, alternative materials and higher management of plastic waste. Below we are going to look at sample firms and the total funding for each of these areas.
Greener consumer products
We’ll start with consumer products. While this is not the largest category in terms of financing, it is particularly interesting because it accommodates items that we could actually buy.
Using Crunchbase data, we ran a sample of nine firms funded last yr that typically fall into this (compostable) basket.
Among them, the largest recipients of funds were startups working on beverage packaging.
The largest collection takes place in Irvine, California ZenWTRwho has raised over $48 million in funding up to now and is a soccer star Travis Kelce as the predominant investor. The company sells mineral and electrolyte water packaged in bottles made from recycled plastic, which had a high risk of ending up in the ocean.
Other beverage-funded startups include: French GreenBigwhich places kiosks in supermarkets to recycle plastic bottles and is based in New York Earth Brandswhich produces transparent disposable cups from compostable materials.
Textiles are one other necessary area of interest. This category includes firms based in Los Angeles Amber Cyclewhich produces latest branded textile material from polyester waste, based in Paris Sportswear Circlewhich produces sportswear from recycled materials.
Better ways to deal with plastic waste
Other startups are focusing on ways to higher collect, process and potentially find ways to reuse the vast amounts of plastic waste we accumulate.
Below we have compiled a list of 13 firms introducing innovations in this direction.
The most funded, UBQ materials, covers each categories of waste and alternative materials. The Tel Aviv-based company produces plastic alternatives made from non-recyclable household waste, including organics resembling banana peels and pizza boxes, in addition to baby diapers and mixed plastics. To date, $240 million has been raised in high-profile funds.
Other standout startups are working on chemical processes to rework plastic and textile waste into reusable materials. French startups participate in this camp Carbohydratesfocused on enzymatic recycling of plastics and textiles, based in Switzerland DePoly, which turns plastic waste into reusable raw materials. Another, based in London The Biodesign eraclaims to be working on an enzymatic process to “convert plastic waste into everyday chemicals.”
Alternative materials
Finding higher ways to gather and reuse the plastic we already have is actually a worthwhile endeavor. However, it could be nice to see more latest materials that may provide the same attractive properties of plastic, without the negative environmental impacts.
In this regard, we have chosen nine firms from our predominant list that are innovating on this topic.
Based in Hamburg Traceless materials is a favorite among investors in this area. To date, greater than $42 million has been raised to scale up the production of “plant-based, plastic-free, home-compostable” biomaterials made from agricultural food waste.
Another place price seeing is Cambridge in the UK Xampla, which works on biodegradable alternatives to single-use plastics and microplastics. To date, over $25 million has been raised for this purpose.
Taking into account all landfill waste attributable to disposable diapers, based in Tel Aviv Polygreen also has an interesting proposition. It is working on sustainable alternatives to petroleum-based products that have super-absorbent properties popular in hygiene products resembling diapers, in addition to other applications.
Not just symbolic gestures
Looking at recently funded firms dealing with waste and misuse of plastics, one common theme is that these are technologies and processes that have the potential to have a big impact on mitigating the problems they face.
I say this because as a consumer who abuses plastic, it’s clear that many of the steps we currently take to alleviate the guilt associated with it are performative or require compromises on quality. An example that immediately involves mind is a paper straw.
It’s true that we have also seen progress from firms scaling products now widely available, resembling compostable cutlery and recyclable flip-flops. However, given how much latest plastic we are bringing into our lives, it is clear that there is still a huge need for more and higher alternatives.