VANCOUVER, BRITISH COLUMBIA (Aug. 9, 3 p.m. ET) — Bioplastics maker Solegear Bioplastics Inc. has won additional funding from Yaletown Venture partners and several angel investors.
“The completion of this major financing milestone is yet another important step toward Solegear's goal of being a leader in the bioplastics industry,” Solegear founder and CEO Toby Reid said in an Aug. 9 news release.
The amount of the investment in Vancouver, B.C.-based Solegear was not disclosed. The firm's Polysole-brand bioplastic is 100 percent bio-based, non-toxic and compostable, officials said. The material can be based on corn or other plants. Solegear also produces Traverse-brand biocomposites, which can be made by mixing conventional plastic with natural fibers.
Solegear was founded in 2006, and in 2010 won a Best Practices Award from the Frost & Sullivan consulting firm.
Yaletown — also based in Vancouver — uses an extensive network to find promising early-stage clean technology and information technology companies.
“Solegear's modular technology platform forms the basis of a smart business model that is both customer-centric and scalable,” Yaletown partner Salil Munjal said in the release.