GreenMantra Technologies, a Canada-based company making industrial waxes from waste plastics, has raised $3m from Closed Loop Ventures, which manages a $100m social impact fund backed by a range of retail and consumer goods companies.
Closed Loop joined existing GreenMantra investors including cleantech-focused venture capital funds ArcTern Ventures and Cycle Capital Management.
Margot Kane, chief financial officer and chief investment officer at Closed Loop Partners, said: “GreenMantra’s patented process enables the up-cycling of plastic waste into higher value products and is directly aligned with our goal of funding replicable technologies that will help unlock additional investment in recycling.”
Closed Loop’s limited partners include 3M, Coca-Cola, Colgate-Palmolive, Dr Pepper Snapple Group, Keurig Green Mountain, Johnson & Johnson, Nestle Waters North America, Pepsico, Procter & Gamble, Unilever and Walmart Foundation.
Closed Loop has also invested in US-based composite railway products maker IntegriCo Composites and low-temperature refrigeration technology developer Rebound Technologies, according to Recycling Today, investing alongside Prime Coalition and Investors’ Circle in the latter deal.