Funding

[Funding alert] Hamburg-based Cirplus Secures Seven-Figure Round Funding

Feb 10, 2024 | By Startup Rise EU

Hamburg-based Cirplus secures seven-figure round funding. The circular economy is in need of this support right now. The market for recycled plastics is characterized by exorbitant prices and frequently subpar quality in comparison to virgin materials.

Hamburg-based Cirplus secures seven-figure round funding. The circular economy is in need of this support right now. The market for recycled plastics is characterized by exorbitant prices and frequently subpar quality in comparison to virgin materials.

Cirplus plans to use the money to grow both geographically and internally by further developing its platform. Furthermore, the EU is now debating specific minimum targets of 25 to 50 percent recycled content in packaging.

Read also - Copenhagen-based Pluto.markets Secures €2.4 Million in Funding

The Ecodesign for Sustainable Products Regulation, which will establish ecodesign specifications for particular product categories, is also scheduled for introduction. This implies that there will be a sharp rise in the need for recycled plastic very soon.

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The objectives of Cirplus are to provide a complete digital procurement platform for recycled plastics, lower the transaction costs associated with employing recycles globally, and ensure their long-term use.

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In order to do this, the company offers buyers easier access to large volumes in fragmented marketplaces by aggregating and qualifying producers and traders of recycled pellets and regrind, among other items.

Lead investors in today's investment round include WEPA Ventures, a venture capital firm backed by the European family-owned WEPA Group, and igus GmbH, the world's top producer of energy chain systems and plain bearings built of lubrication-free, low-wear high-performance polymers.

Read also - Vilnius-based Axiology Secures €2 Million in Funding

Christian Schiller, founder, and CEO of Cirplus: "igus, WEPA Ventures, and Cirplus share the vision of completely closing the plastics loop with digitalisation. 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."

Carl-Luis Rieger, CEO of WEPA Ventures said, "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, as well as in the circular economy. We see a high relevance for the circular transformation of the industry and are pleased to be on board as an investor in Cirplus to help shape further development towards a circular economy."

Michael Blass, CEO of e-chain systems at igus, says: “We see a high relevance for the circular transformation of the industry and are pleased to be on board as an investor in Cirplus to help shape further development towards a circular economy. Thinking about how we can expand our activities and make them available to everyone brought us together with Cirplus. With this investment, we are setting an example of considering sustainability together and creating a network to achieve more."

About Cirplus

The biggest digital platform for circular plastics procurement in Europe is called Cirplus. More than 3,000 plastics converters, product makers, recyclers, and waste management firms from more than 100 countries are already brought together by the Hamburg-based organization.

Read also - UK-based Causa Secures Undisclosed Amount Pre-Seed Funding

The goal is to use digital technologies to build dependable, affordable, and scalable supply chains for premium recycled plastics in order to minimize, if not completely eradicate, the amount of plastic in the environment.

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