Traceless Materials secures €36.6 Million to Build Plant
Bioeconomy startup Traceless Materials, which produces a natural biomaterial as an alternative to plastic, announces the completion of a €36.6 million funding round. The Series A financing round is led by UB Forest Industry Green Growth Fund.
Traceless Materials Series A is funded by UB Forest Industry Green Growth Fund (UB FIGG) and Swen CP's Blue Ocean Fund. UB FIGG is a private equity fund investing in sustainable and resource-efficient forest and bio-based industries. Swen CP's Blue Ocean Fund invests in innovations that help address the three existential threats to ocean health: overfishing, pollution and climate change. A local banking syndicate consisting of GLS Bank, Hamburg and Hamburger Sparkasse also participated in the financing round, as did the company's three existing investors, green tech investor Planet A Ventures, seed investor High-Tech Gründerfonds (HTGF) and deep tech investor B.value.
Founded in 2020, Traceless Materials has 40 employees and is aiming to replace plastics in large
quantities by demonstrating for the first time that the innovative process can be implemented on
an industrial scale. To learn more about their story, read their recent highlight in CHEManager's Innovation Pitch.
Anne Lamp, CEO and co-founder of Traceless Materials commented, "We are convinced that UB FIGG and Swen’s Blue Ocean fund are a great addition to our shareholders as they have relevant knowledge in our industry. The fact that both our investors and the banks fully support our mission was a decisive criterion for us."
Transforming to a circular economy
Plastics contribute significantly to the climate crisis through their resource-intensive production from fossil raw materials and generate large amounts of pollution. As part of a sustainable circular economy, Traceless Materials has developed a holistically sustainable material to tackle the plastic crisis. The natural biomaterial is certified to be completely bio-based, home-compostable, and plastic-free. Agricultural residues are used in the material to conserve valuable biomass resources. The patent-pending technology is based on natural polymers, contains no potentially harmful chemicals, and has a minimal environmental footprint compared to plastic. Around 91% of CO2 emissions and 89% of fossil energy requirements are saved during the production and disposal.
