The milk-based bioplastics developer received the funding from investors including Mitsubishi Chemical Holdings' Diamond Edge Ventures subsidiary.

Lactips, a France-based dissolvable bioplastic material developer, has closed a €13m ($14.5m) funding round featuring Diamond Edge Ventures, a corporate venturing vehicle for chemicals producer Mitsubishi Chemical Holdings.

The round was led by SPI Fund, an economic development unit managed by state-owned investment bank BPIfrance.

Founded in 2014 by regional tech transfer office Pulsalys, Lactips uses milk proteins as a feedstock to produce soluble bioplastics such as films and carrier bags without the need for oil-based plastics, reducing environmental impact.

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