Phantm, a new plastic reduction platform, has announced the successful completion of its oversubscribed seed round, raising $2 million. The round was led by Blacknova VC, Salus Ventures, and CoVentures VC and saw the participation of leading international and Australian businesses, including Norwood Industries, Starbucks Australia, and MECCA. Elliot Costello leads Phantm, which aims to accelerate the adoption of natural materials and tackle one of the world’s largest waste issues by providing businesses with an independent pathway to reduce their plastic footprint.
Phantm provides access to top plastic and natural materials experts to help businesses meet their ESG objectives while facilitating a positive impact on people and planet. Its methodology, called A-R-T (Assess, Reduce, Transition), assists firms in reducing costs and tracking their progress towards becoming plastic-free. The platform’s ultimate goal is to reduce the consumption of plastics, a $600 billion industry projected to almost double by 2050 without urgent action. Globally, only 9% of plastics are recycled, with mixed plastics and contamination hampering the potential for recycling.
Moving towards natural materials such as seaweed, fungi, cellulose, pulp, and PHA based materials is a compelling alternative to the recycling of plastics, given the economic factors, limited infrastructure, and diverse regulations existing around recycling. Phantm’s Head of Strategy and global plastic expert, Edward Whitehead, stated that the Phantm platform leverages its profound understanding to increase businesses’ ability to navigate complex layers and reduce their reliance on plastics.
Phantm is currently operating within Australia, but it aims to address the global plastic crisis by expanding its reach into Asia, Europe, and North America, particularly in regions where there is significant plastic consumption but limited recycling infrastructure.
Elliot Costello, Cofounder and CEO of Phantm commented, “We’re in the midst of a plastic crisis, and recycling alone cannot solve it. The market has been demanding alternatives, and it’s time to embrace the range of different materials that can replace petrochemical plastics so that we can finally turn virgin plastic off at the tap. The enthusiasm from investors across the country is really exciting and shows the dedication to deplastifying Australian businesses.”
