Founded in 2021 by Samantha Anderson, Bardiya Valizadeh, and Christopher Ireland, DePoly aims to address the global plastic waste issue with a chemical recycling process that can convert all PET plastics and polyester textiles back into their primary chemical components. The resulting products, comparable to virgin-quality materials, can then be reused to create new plastic items, contributing to a sustainable circular plastic economy.
The current global plastic recycling practices focus on recycling “perfect” plastics due to the complexities involved in sorting, separating, and cleaning diverse plastic streams. However, these constitute less than 10% of the 400 million tonnes of plastic produced each year, leaving the majority destined for incineration or landfill. DePoly’s game-changing technology offers a universal solution for the recycling of these “less-than-perfect” plastics, operating at room temperature and without the need for pre-washing, pre-sorting, or separating out other materials.
The start-up raised CHF 1.3 million in December 2020, allowing the development of a pilot recycling plant. This innovative process not only saved nearly 7,000 liters of oil per ton of PET produced but also reduced the energy required by two-thirds compared to new PET production.
Preparing for a major expansion
Now, with the successful closure of the seed round, the company aims to build a new showcase plant, boosting its capacity from 50 to 500 tons per year, demonstrating the technology’s commercial scalability. These funds position DePoly well to upscale its technology and take a significant step towards reducing the plastic waste generated each year.
Commenting on the successful funding round, Samantha Anderson, CEO and co-founder of DePoly, said, “Plastics are a part of our lives and an existential dilemma facing us all. We believe that to tackle this problem effectively, a simple, scalable solution is required that can treat difficult plastic streams.”
The latest fundraise marks a milestone in DePoly’s journey and validates its innovative approach to tackling the pervasive problem of plastic waste. The influx of capital will bolster its mission of revolutionizing plastic recycling and championing a sustainable future.
The funding was co-led by BASF Venture Capital and Wingman Ventures, with significant participation from firms like Beiersdorf, Infinity Recycling, CIECH Ventures, Zürcher Kantonalbank, Angel Invest, ACE & Company, among others.
