London-based Polymateria, a biotransformation technology company, announced on Friday, April 28, that it has secured £20M (approximately €22.8M) in a Series B round of funding led by Singapore-based ABC Impact and sustainable chemical company Indorama Ventures.
The company says the capital will be used to increase the penetration of Polymateria’s technology in existing markets and expand into new markets where fugitive plastic pollution is most acute, including Asia.
The company also plans to boost its R&D capabilities by investing in its in-house laboratory at Imperial College London.
Lee Davy-Martin, Co-Founder and Board Member of Polymateria, says, “I’m tremendously excited to be embarking on the next step of Polymateria’s journey. We founded Polymateria to make a real difference in one of the world’s biggest environmental challenges. With the backing of investors like ABC Impact and Indorama Ventures, we are well on the way to achieving our mission.”