MBA Polymers, Inc., the cleantech leader in recycling engineering plastics, today announced that it has secured a $20 million funding round co-led by Doughty Hanson Technology Ventures and Benchmark Capital. MBA will use its new funds to further expand the number of factories it operates in Europe and Asia.
MBA Polymers recovers high-value plastics from complex waste streams, extracting plastics from items such as household appliances, computer and business equipment and automobiles. The company has perfected a proprietary process to recover and separate these high-value plastics from each other and from the residual waste. The result is cheaper plastics at a quality that can be virtually indistinguishable from virgin resins.
MBA's processes require a fraction of the energy and natural resources of traditional plastics factories, and they lead to reduced incineration and landfill. The company's capabilities are of great value to responsible corporations, as they allow them to completely control the lifecycle of their products in an efficient and eco-friendly way.
"We are delighted to partner with two premier investment firms which have strong global networks," said Dr. Mike Biddle, chief executive officer of MBA. "We now have the financial strength to increase our position as the cleantech leader in recycling engineering plastics and to continue to grow our business worldwide."
"MBA is a rare combination," said Dr. Soren Hein of Doughty Hanson. "It is both an important venture investment and a company which the entire industry wants to succeed because its technology is so worthwhile and unique."
"We believe that MBA has the potential to scale rapidly in a sector that is increasingly important in today's society," added George Coelho of Benchmark Capital. "Our team at Benchmark looks forward to working closely with such an exciting company in this fast-advancing field."