What is claimed to be Europe’s largest digital procurement platform for recycled plastics has secured a seven-figure funding round.
Investors in Germany based Cirplus include igus, a manufacturer of energy chain systems made from low-wear, high-performance plastics, and venture capitalists Wepa Ventures.
Cirplus says it will use the capital to develop its platform and expand geographically. Its goal is to establish a comprehensive digital procurement solution for recycled plastics.
It aggregates and qualifies manufacturers and traders of recycled pellets and regrind, among other products, and offers buyers simplified access to high volumes in fragmented markets.
The B2B platform is already used by more than 3 000 companies in the plastics and recycling industry from more than 100 countries.
‘Igus, Wepa Ventures, and Cirplus share the vision of completely closing the plastics loop with digitalisation,’ says Christian Schiller, founder and ceo of Cirplus.
‘The experience of igus in engineering plastics, coupled with our knowledge of digitalisation, is the ideal basis for moving toward a digitalised circular economy across all industries.
‘As a family venture capital firm, Wepa Ventures invests in innovations in circularity and sustainability, among others, and will also support us with its wide-ranging industry contacts.’
Carl-Luis Rieger, ceo of Wepa Ventures, adds: ‘Circular economy will be the new normal and with our investment in Cirplus we are addressing growth potential in various sectors, particularly in the packaging industry and B2B products and services.’
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