traceless, a German bioeconomy startup, has secured €36.6 million in a Series A funding round led by UB FIGG and SWEN CP’s Blue Ocean fund. The funding will be used to expand the production capabilities of traceless’ innovative biomaterial technology to industrial scale.
traceless has developed a natural biomaterial that is certified completely bio-based, home-compostable, and plastic-free. The material is made from agricultural residues and has a minimal ecological footprint. Compared to plastic, traceless saves 91% of CO2 emissions and 89% of fossil energy requirements during production and disposal.
Anne Lamp, Co-Founder & CEO commented: “Through scaling our innovative technology, we prove that a climate-friendly, circular, resilient and regenerative industry is possible. With our novel biomaterial, we can make a significant contribution to solving plastic pollution. We are convinced that UB FIGG and SWEN’s Blue Ocean fund are a great addition to our shareholders as they have relevant knowledge in our industry. The fact that both our investors and the banks fully support our mission was a decisive criterion for us.”
traceless is building a demonstration plant in Hamburg that will replace several thousand tons of conventional plastic annually. The company has also received funding from the German Federal Ministry for the Environment, Nature Conservation, Nuclear Safety and Consumer Protection.
“The Blue Ocean fund seeks to invest in startups bringing innovative solutions to address the 3 main threats to our ocean: overfishing, ocean pollution and climate change. As plastic pollution is one of the main pollutants threatening our ocean, we were seduced by traceless, a bio-based and biodegradable material that can replace plastics in products that easily end up in the environment, and hence in our ocean, such as single-use packaging as well as hidden plastics in adhesives and paper coatings. traceless is a compelling alternative to applications where reusable solutions are not sustainable and technical recycling is not feasible,” added Olivier Raybaud, Managing Director of SWEN Capital Partners.
