Funding has been secured by Cirplus, a startup that links recyclers, plastics processors, and brand owners by combining and certifying the supply and demand for recycled plastics.
The Hamburg-based company, is the world’s largest B2B marketplace for recovered plastics. For plastic processors and recycling businesses, they are digitizing and streamlining the transaction process. Having been established in 2018, the platform streamlines every step of the transaction process, encompassing the procurement, contracting, shipping, insurance, and payment of recyclables and plastic waste.
The investors who led the round include igus GmbH, world’s leading manufacturer of energy chain systems and WEPA Ventures, a VC fund floated by European family-owned WEPA Group.
Its goal is to bring down the cost of recycled plastics relative to virgin plastics in order to facilitate the transition of the plastics industry to a circular economy.
More than 3,000 businesses from more than 100 countries that are involved in the plastics and recycling industries already use the B2B platform.
Cirplus plans to use the money to grow both geographically and internally by further developing its platform.
Before this round, Cirplus had raised a total of €3.5 million.
