University of Washington spin-out MicroGreen Polymers has raised $10m in a series B to support the development of its plastic technologies.
Confederated Tribes of Grand Ronde, an organisation which represents a number of Native American tribes, led the round, which was also joined by inside investors. The investment comes in addition to a similar round for $5m earlier in the year from the Stillaguamish Tribe of Indians, also a Native American tribe.
In a statement, the clean tech said it had now raised $42m in total.
MicroGreen’s technology, originally developed at the Massachussettes Institute of Technology (MIT) before further development at Washington, can reduce the amount of plastic used in consumer products. Its primary product is the InCycle cups, which are fully recycled and recyclable cups for hot and cold drinks.
The company plans to use the latest round of funding to bolster its commercial production capabilities, including investing $8m into production equipment.
Titu Asghar, director of economic development for The Confederated Tribes of the Grand Ronde, said: “We first learned about the powerful impact of the MicroGREEN proposition from the Stillaguamish Tribe at an Affiliated Tribes of Northwest Indians meeting, and we immediately recognised how an investment in MicroGreen and its InCycle products could be a strategic fit with our economic diversification goals. MicroGreen’s technology is a game changer. Their ability to reduce waste while lowering cost and improving product performance fits the Grand Ronde Tribe’s commitment to sustainability and environment. As a Tribal community we look for investment opportunities and projects that fulfil our commitment to being stewards of our environment and supporting our Tribal people looking seven generations forward.”
