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DePoly Raises $13.8 Million to Revolutionize Plastic Recycling and Create a Sustainable Plastic Economy

Swiss start-up DePoly has secured $13.8 million in a seed financing round to spearhead the development of a circular economy in the plastics industry. The company’s breakthrough technology aims to tackle the world’s plastics problem by significantly increasing recycling rates and enabling the creation of new plastic from recycled material.

The Issue

The world is facing a dangerous double whammy when it comes to plastics. With over 400 million tonnes of plastic produced annually, only a mere 9% is recycled, while the rest ends up in landfills, incinerators, or polluting the environment. Moreover, the production of plastic is deeply intertwined with our reliance on fossil fuels, with 10% of oil production being allocated for plastics manufacturing, a figure that is expected to double in the future.

The Solution

DePoly, alongside a handful of global rivals including Carbios, Ioniqa, and Gr3n, is at the forefront of depolymerization technology, a chemical process that breaks down plastic into its original components. What sets DePoly apart is its ability to operate at room temperature and handle heavily contaminated plastics, providing a unique solution to the plastic waste crisis.

Samantha Anderson, CEO of DePoly, emphasized the urgency of addressing the problem promptly rather than waiting for long-term solutions. The company was founded in 2020 by a group of passionate individuals with expertise in the field, aiming to confront the plastic problem head-on using the skills they had developed during their academic pursuits.

DePoly’s technology targets the ubiquitous plastics like PET that are integral to daily life worldwide. Traditional recycling methods are costly due to the need for sorting, cleaning, and separation processes, resulting in low recycling rates. However, DePoly’s innovation eliminates the necessity for pre-washing, pre-sorting, pre-melting, or separation. The recycling process efficiently reduces plastic to its original components, which can then be sold to manufacturers for the production of new plastic.

The Business Model

The company’s business model revolves around offering free recycling services to those burdened with plastic waste, generating revenue through the sale of recycled materials. The technology is energy-efficient, easily customizable to specific customer requirements, and delivers raw materials equivalent to their fossil-fuel-based counterparts. This means that customers no longer have to choose between quality and sustainability when it comes to PET.

Having successfully demonstrated the effectiveness of its technology, DePoly has already established commercial partnerships with a select group of customers. The next crucial step is scaling up the operation to meet the demands of the global market. With a pilot plant currently processing 50 tonnes of plastic per year, DePoly plans to construct a plant with a capacity of 500 tonnes by the end of 2024. Simultaneously, the company is actively expanding the range of plastics it can recycle.

The recent $13.8 million seed financing round highlights the strong interest in DePoly and its game-changing technology. Participating investors include Wingman Ventures, BASF Venture Capital, Beiersdorf, Infinity Recycling, CIECH Ventures, and Angel Invest. This diverse group of venture capital funds, industry specialists, plastics experts, and recycling businesses emphasizes the significance of DePoly’s contributions to addressing the plastic waste challenge.

“Plastic waste has infiltrated every corner of our planet, poisoning our food chain and imperiling wildlife,” notes Antonia Albert, Principal at Wingman Ventures. “DePoly is paving the way for a truly sustainable plastic economy.”