Cambridge-based cleantech startup MacroCycle Technologies has raised $6.5 million in a seed round to commercialize plastic upcycling using 80% less energy. The round was led by Clean Energy Ventures and Volta Circle, with support from KDT Ventures and Neotribe Ventures.
- Founded by Jan-Georg Rosenboom and Stwart Peña Feliz, MacroCycle Technologies develops a process that upcycles plastic waste, such as PET bottles and polyester textiles, into high-quality "virgin-grade" plastic without breaking it down.
- According to MacroCycle, their process uses a unique chemistry and non-toxic reagents to upcycle plastic waste, requiring 80% less energy than traditional methods. It also demands 50-75% lower capital investment compared to other recycling technologies.
- The company aims to create a circular plastic supply chain and help industries like cosmetics, textiles, and fast fashion reduce waste.
MacroCycle’s technology provides a more efficient process to produce high-quality plastic that can be adopted as a drop-in solution competitive with fossil fuel-based plastic. Our technology will be a key enabler for plastic circularity, as we allow our customers and suppliers to unlock the economic benefits of recycling," explains Stwart Peña Feliz, co-founder and CEO of MacroCycle.
Details of the deal
- The seed investment was led by Clean Energy Ventures, a venture capital firm with offices in London and Boston that invests in companies commercializing disruptive advanced energy technologies, and London-based VC Volta Circle, with participation from KDT Ventures and Neotribe Ventures.
"The team, its technology and its ambition perfectly encapsulate our mission to back the best founders leading the way in the circular economy and we’re delighted to be supporting MacroCycle as it scales and creates genuine global impact,” Managing Partner of Volta Circle, Catia Cesari, commented.
- The fresh capital raised will enable the startup to grow its operations by 50% and scale its pilot plant facilities to develop its upcycled PET and polyester resin with initial customers.
