Strategic investing to green the plastics recycling industry
GreenMantra Technologies (GMT), based in Brantford, ON, has been working on innovative upcycling technologies, transforming waste polypropylene and polyethylene into to high-value additives for various customer applications. Introduced to Bioindustrial Innovation Canada (BIC) and its Sustainable Chemistry Alliance (SCA) venture fund by Arctern Ventures in 2018, GMT was on a mission to scale and grow its operations. Recognizing the potential, BIC made a series of investments totaling $2 million, contributing to a broader funding effort that saw GMT raise an additional $14.6 million between 2018 and 2020.
Early Challenges and Strategic Investments
At the time of BIC's initial investment, GMT was one of the first revenue-generating companies in BIC's SCA portfolio. Despite this success, GMT faced significant production limitations that needed to be addressed to achieve scalable growth. The first two investments in 2018 were pivotal in supporting GMT as the company expanded its capabilities by adding a new production line to upcycle polystyrene.
From 2018 to 2020, GMT made remarkable strides both corporately and technically. Revenue growth was strong, yet production constraints remained at a bottleneck. Recognizing this, BIC made a scaling investment in 2020 aimed at plant optimization. This strategic investment, coupled with a collaborative optimization project through BIC’s COMMSCI program, significantly enhanced GMT's production capacity.
Results and Ongoing Success
The relationship between BIC and GMT proved to be mutually beneficial, fostering robust lines of communication with other key partners in the venture capital space. BIC's hands-on approach not only facilitated production optimization for GMT but also supported a shift in its business to improve its financial position – setting the company up for further success.
Today, GreenMantra Technologies continues to experience sales growth through securing multiple customers for its additive products. The company's success story stands as an example to the power of strategic investment, business support and collaboration, paving the way for continued business growth.
GMT’s journey from early-stage venture to scaling engineering challenges to becoming a market leader in sustainable upcycling, illustrates the impactful role of BIC's investment and support in fostering innovation and growth in the green technology sector. BIC has been able to support companies like GreenMantra and accomplish these amazing results with Government of Canada funding through the Federal Economic Development Agency for Southern Ontario (FedDev Ontario).
For more information please contact:
Meaghan Seagrave Fiona McDonald
Executive Director Marketing and Communications Manager
Bioindustrial Innovation Canada Bioindustrial Innovation Canada
Email: mseagrave@bincanada.ca Email: fmcdonald@bincanada.ca
About FedDev Ontario
For 15 years, the Government of Canada, through FedDev Ontario, has worked to advance and diversify the southern Ontario economy through funding opportunities and business services that support innovation, growth and job creation in Canada’s most populous region. The Agency has delivered impressive results, which can be seen in southern Ontario businesses that are creating innovative technologies, improving productivity, growing revenues, creating jobs, and in the economic advancement of communities across the region. Learn more about the impacts the Agency is having in southern Ontario by exploring our investment profiles, our Southern Ontario Spotlight, and FedDev Ontario’s X, Facebook, Instagram and LinkedIn.
About GreenMantra Technologies
GreenMantra is a leader in molecular recycling that transforms recycled plastics into value-creating polymer additives for industrial applications.
GreenMantra’s mission is to reduce the amount of plastic ending up in landfills or the environment. This commitment to sustainability and collaboration ultimately leads the company to GO FARTHER – BE BETTER – DO GOOD for BIC’s customers’ businesses and the planet.
Its CERANOVUS® products offer significant performance benefits, while also enhancing the sustainability profile and lowering the carbon footprint of our customers’ products. Follow GreenMantra on LinkedIn.
About Bioindustrial Innovation Canada (BIC)
Bioindustrial Innovation Canada (BIC) is a nationally focused not-for-profit business accelerator that provides critical strategic investment, advice, and services to business developers of clean, green, and sustainable technologies.
BIC focuses on critical strategic capital investment in SMEs with compelling business plans where innovation in science and engineering can bring about major advances in sustainable chemistry. Sustainable chemistry is playing an important role in the development of solutions to the impacts of climate change, peak oil, energy security, the need for safe water and the use of scarce natural resources. The increasing global demand for green and safer products offers the opportunity to create thousands of new jobs for Canadians.