The round was led by Fulcrum Global Capital. Other participants include Open Prairie through its Open Prairie Rural Opportunities Fund and iiM (Innovations in Motion).
The company is headquartered in Emporia, KS and was founded in 2011. Its products include bioplastics and biocomposites used in footwear, textiles, home furnishings, electronics cases, pet supplies, toys, outdoor recreation, lawn and garden, horticulture and construction. The company expects bioplastics demand to grow 18.8% annually, reaching $68 billion by 2024.
“There is an increasing global issue with plastic pollution coupled with a growing demand to reduce or eliminate our footprint of plastic pollution in our landfills and oceans,” Duane Cantrell, Managing Partner and CEO of Fulcrum Global Capital says. “With the increasing global challenge of plastic pollution, we are excited to invest in a company using agricultural byproducts 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.”