Closed Loop Ventures, which manages a $100m social impact fund backed by several retail and consumer goods companies, has invested $3m in GreenMantra.

GreenMantra Technologies, a Canada-based company making industrial waxes from waste plastics, has raised $3m from Closed Loop Ventures, which manages a $100m social impact fund backed by a range of retail and consumer goods companies.

Closed Loop joined existing GreenMantra investors including cleantech-focused venture capital funds ArcTern Ventures and Cycle Capital Management.

Margot Kane, chief financial officer and chief investment officer at Closed Loop Partners, said: “GreenMantra’s patented process enables the up-cycling of plastic waste into higher value products and…