An Emporia company raised $6.5 million in funding, some of it through local venture capital groups.
Green Dot Bioplastics closed its Series A Preferred Round led by Kansas City’s Fulcrum Global Capital, with participation by Innovations in Motion and Open Prairie through its Open Prairie Rural Opportunities Fund.
Green Dot Bioplastics serves brand-owners, plastics processors and designers by lightening the environmental footprint of consumer products. The company makes plastics more sustainable by reducing the amount of petroleum-based feedstocks, maximizing the use of renewable and reclaimed materials, and enhancing the performance of biodegradable materials.
The company 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.
Green Dot expands bioplastics sector
The bioplastic sector is predicted to grow at a brisk pace of 18.8 percent, reaching more than $68 billion by 2024.
To capitalize on this opportunity, Green Dot will use the funds raised to implement strategies in key areas: accelerate organic growth, develop and commercialize new bioplastic products and uses, and invest in new intellectual property and capabilities.
“We are delighted to team with Fulcrum, Open Prairie and iiM as we aggressively move to accelerate our growth,” said Mark Remmert, CEO of Green Dot. “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.”
Based in Kansas City, Mo., Fulcrum Global Capital (FGC) is an early-stage venture capital fund that invests in companies and entrepreneurs disrupting the global food production industry through the agriculture, animal health, and agtech markets.
“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,” said Duane Cantrell, managing partner and CEO of Fulcrum Global Capital. “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.”
Green Dot was recently selected as one of nine startups to receive funding from the angel investment group, iiM.