MBA Polymers, a US-based industrial plastics recycling company, has raised $25m in its latest round.
In a regulatory filing last month, MBA said it had closed on $6.6m of the $25m round from 11 investors, including Honeywell Capital Management, an asset manager chaired by New York-listed industrial conglomerate Honeywell International, and Hong Kong-based Less Plastics were in the consortium, along with US bank Citigroup’s Sustainable Development Investments and venture capital firms Doughty Hanson Technology Ventures and Balderton Capital.
Doughty Hanson and Balderton co-led the round, which also included fund manager Artemis Investment Management, clean-tech firm Aloe Private Equity and Keating Investments, a business development company that backs companies ahead of their flotation.
Founded in 1994, MBA Polymers previously raised $40m in 2008.