Kansas-based material science company, Green Dot Bioplastics has completed a $6.5 million Series A Preferred Round of financing. Fulcrum Global Capital led the investment round with the participation of existing and new investors, including Open Prairie through its Open Prairie Rural Opportunities and iiM (Innovations in Motion).
As awareness of the problems associated with traditional plastics continues to grow, demand for more sustainable solutions has also risen. In response, the bioplastic sector is predicted to grow at a brisk pace of 18.8% CAGR to reach more than $68 billion by 2024. To capitalize on this opportunity, Green Dot will use the funds raised to implement management’s strategic plan in key areas: accelerate organic growth, develop and
commercialize new bioplastic products and uses and invest in new IP and capabilities.
Green Dot Bioplastics began formal operations in 2011, introducing the market’s first compostable elastomeric bioplastic – a soft rubber-like plastic that is strong, pliable, and
biodegradable. In 2013, Green Dot acquired a state-of-the-art research facility and commercial manufacturing plant.
The Company now offers a full line of bioplastics and biocomposites used in footwear, textiles, home furnishings, electronics cases, pet supplies, toys, outdoor recreation, lawn and garden, horticulture and construction.
“We are delighted to team with Fulcrum, Open Prairie and iiM as we aggressively move to accelerate our growth,” said Mark Remmert, CEO, Green Dot Bioplastics. “I am personally excited to have these highly regarded institutional investors join our Board of Directors and bring their leadership and professionalism to partner with our original investors and management. Together, we are a talented and motivated team seeking to make lasting change for the planet.”
Duane Cantrell, Managing Partner and CEO of Fulcrum Global Capital noted, that
with the increasing global challenge of plastic pollution, ‘we are excited to invest in a company using agricultural by products to provide corporations with near-term solutions for truly biodegradable products and packaging that can reduce our use of chemical based plastics and begin to eliminate plastic pollution.’
“Green Dot Bioplastics is a leading example of our efforts to support rural-based companies operating at the intersection of science, agriculture, and sustainability. We look forward to working with the Green Dot Bioplastics team as the company enters its next phase of growth and executes on its mission of improving the environment through the implementation of innovative bio-based solutions,” said Matt McKenna, who will represent Open Prairie on the Green Dot Bioplastics Board of Directors.