Funding for Emporia, Kan.-based Green Dot was led by Fulcrum Global Capital of Kansas City and also included private equity firms Open Prairie Rural Opportunities Fund and Innovations in Motion (IIM).
In a recent news release, Green Dot officials said that governments, advocacy groups and consumers “are increasingly aware of the problems associated with traditional plastics and are demanding more sustainable solutions.”
“We are delighted to team with Fulcrum, Open Prairie and IIM as we aggressively move to accelerate our growth,” CEO and founder Mark Remmert said in the release. “Together, we are a talented and motivated team seeking to make lasting change for the planet.”
The bioplastics sector is predicted to post compounded annual growth of almost 19 percent per year through 2024, surpassing $68 billion in sales, company officials said.
Green Dot operates a bioplastics plant in Onaga, Kan. One of the firm’s products is the market’s first compostable elastomeric bioplastic — a soft rubber-like plastic that is strong, pliable, and biodegradable.
Green Dot‘s materials are sold into markets for footwear, home furnishings, electronics cases, pet supplies, toys, outdoor recreation, lawn and garden, horticulture and construction.
“There is an increasing global issue with plastic pollution coupled with a growing demand to reduce or eliminate our footprint of plastic pollution in our landfills and oceans,” Fulcrum Global Capital CEO and Managing Partner Duane Cantrell said in the release.
He added that “with the increasing global challenge of plastic pollution, we are excited to invest in a company using agricultural byproducts to provide corporations with near-term solutions for truly biodegradable products and packaging that can reduce our use of chemical based plastics and begin to eliminate plastic pollution.”
Remmert founded Green Dot in 2011 after retiring from Dow Chemical Co. and its Styron spinoff after a 30 year career. In 2013, Green Dot acquired the bioplastics business of MGP Ingredients Inc., including a bioplastics plant in Onaga.
This article was published on plasticsnews.com and written by FRANK ESPOSITO.