US-based recycling technology developer MicroGreen Polymers has secured $17m in funding from investors including waste services provider Waste Management, according to technology news source Geekwire.
The round comprised $7m in equity, $5m in convertible debt and $5m in secured debt. Waste Management invested alongside WRF Capital, the venture capital arm of Washington Research Foundation, Confederated Tribes of Grand Ronde, Stillaguamish Tribe and several private investors.
MicroGreen’s technology can reconstitute plastic waste into packaging thereby reducing waste. It has now raised about $45m in equity funding and $17m in debt financing.
MicroGreen CEO Tom Malone told Geekwire the money would enable it to expand its production facility and meet as much as five times the customer orders.