Hamburg-based bioeconomy startup, traceless materials, has secured €36.6M in a Series A financing round. The announcement followed shortly after its recognition in Norrsken’s 2023 Impact/100 list, which celebrates the top 100 global change-makers.
Leading the charge against plastic pollution
Plastic pollution significantly contributes to the climate crisis due to its resource-heavy production from fossil fuels. Addressing this, traceless materials developed a bio-based, home-compostable, biomaterial aptly named ‘traceless’. Compared to conventional plastics, traceless remarkably reduces 91% of CO2 emissions and cuts 89% of fossil energy requirements during its life cycle.
Dr. Anne Lamp, Co-Founder & CEO, commented on the promising future: “With our innovative technology, we can substantially mitigate plastic pollution. Our new investors’ industry knowledge and shared vision were pivotal for our partnership.”
Founded in 2020 by Dr. Anne Lamp and Johanna Baare, the firm transforms agricultural industry residues into eco-friendly biomaterials, eliminating potentially harmful chemicals and ensuring a minimal ecological footprint.
Investor confidence in green innovation
The funding round was spearheaded by UB FIGG and SWEN CP’s Blue Ocean fund. They were joined by a consortium of banks, including GLS Bank and Hamburger Sparkasse, and existing investors such as Planet A Ventures, High-Tech Gründerfonds, and b.value.
UB FIGG, a private equity fund, is renowned for investments aimed at substituting plastics and promoting the efficient use of wood and agricultural byproducts. Sakari Saarela, a partner at UB FIGG, expressed optimism: “traceless has shown impressive results. We eagerly anticipate supporting its scale-up.”
SWEN Capital Partners, managing over €7.7B, focuses on startups offering innovative solutions to pressing environmental challenges. Olivier Raybaud of SWEN noted the significant potential of traceless in addressing oceanic plastic pollution.
Scaling up the vision
To upscale its technology, traceless is erecting a demonstration plant in Hamburg. This facility is projected to replace thousands of tons of standard plastic annually, further curtailing CO2 emissions and conserving crucial resources.
Johanna Baare, the firm’s COO, acknowledged the complexities of sourcing funds for such capital-intensive initiatives. She said:
Securing partners who understand our vision and the challenges of scaling our tech is invaluable. With their backing, we aim to significantly reduce global plastic pollution.
Earlier in the year, the Federal Ministry for the Environment approved a €5 million grant for the plant’s construction. This Series A funding represents the next phase in traceless’s ambitious strategy to enhance its production capabilities.
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