GreenMantra Technologies, a Brantford, Ontario, Canada-based producer of specialty chemicals from recycled plastic feedstocks, closes CAD$5.5m third funding round.
Backers included existing investors ArcTern Ventures and Cycle Capital.
The company intends to use the funds to bring several new products to market and to support working capital needs as the business expands.
Founded in 2011 by President & CEO Kousay Said, GreenMantra Technologies utilizes a proprietary catalytic system and patented process to transform hard-to-recycle polyolefin plastics such as grocery bags, shrink wrap, bottle caps, milk jugs and shampoo bottles into waxes, greases, lubricants and other specialty chemicals. Its wax products include “drop in” replacements as well as novel waxes that have a broad range of applications in the asphalt roofing and paving, inks, coatings, plastics, plastic color masterbatch, adhesives, and rubber industries.