Chemical recycling startup DePoly has raised $23 million with proceeds to be used to support the scaling of its technology to tackle hard-to-recycle plastics.
Founded in 2020 by co-founders CEO Samantha Anderson, CTO Bardiya Valizadeh, and CSO Christopher Ireland, DePoly offers a solution to break down plastic and textile waste for use as building blocks for new, high-quality PET and polyester. The company’s chemical recycling process converts post-consumer and post-industrial plastic waste streams into their main raw components, helping to solve challenges that can prevent plastic from being recycled, such as the high cost and difficulty involved in sorting, separating, and cleaning complex plastic streams.
Alongside the capital raise, DePoly also announced the upcoming launch of a 500-tonne-per-year showcase plant in Monthey, Switzerland, planned for this summer, to demonstrate its process to convert PET and polyester waste into virgin-quality raw materials. DePoly said that it has partnered with companies in the fashion, cosmetics, and broader consumer goods industries to demonstrate its technology.
The company added that it is planning to build a commercial plant in 2027 that will process significantly larger volumes of PET and polyester waste.
Samantha Anderson, Co-founder & CEO of DePoly, said:
“The upcoming showcase plant validates our roadmap to creating a truly circular plastics market. Following our pilot and showcase plant, our next goal is to scale our operations to industrial size with a first of a kind commercial plant based on our technology.”
Investors in the funding round include MassMutual Ventures, joining existing investors, including Founderful, ACE & Company, Angel Invest, Zürcher Kantonalbank, BASF Venture Capital, Beiersdorf Venture Capital, and Syensqo. In total, the company said it has raised more than $30 million across two rounds and grants.
Alix Brunet, Europe Lead at MassMutual Ventures, said:
“DePoly’s proven technology is a game changer addressing a crucial industrial and societal challenge. This raise and the showcase plant opening are advancing DePoly’s position as a leader in plastics recycling.”
