PINC, the investment branch of Paulig, is providing funding to the Swedish startup Glenntex, which has devised a process to optimise the functionality of graphene.
The €0.7m ($0.76m) pre-seed funding round was headed by ALMI Invest, with PINC and Chalmers Ventures acting as co-investors.
PINC senior investment manager Erika Hombert said: “We have been on the lookout for packaging companies that could support us in solving some of the issues with petroleum-based packaging materials, while also aligning with EU regulation and Paulig’s sustainability targets in this area.
“Glenntex stands out among startups in this field, with their unique technology and the ability to leverage existing machinery for production and recycling.”
Glenntex, a spin-off from Chalmers University of Technology, is based on the research of co-founder Govin Induchoodan, focusing on the functionalisation of graphene.
This process employs nanotechnology to enable graphene to bond with deteriorated plastics, leveraging the material’s characteristics to improve the durability of recycled materials.
The carbon-based material is claimed to cut the need for new plastic in packaging by up to 30%, allowing a significantly higher proportion of recycled plastics to be used without affecting performance while also making recycled packaging easier to reuse.
Glenntex said that the EU is advancing circularity through the Packaging and Packaging Waste Regulation, aiming for all packaging to be reusable or recyclable in the region by 2030.
The company is already involved in numerous ongoing international collaborations across different industries.
Glenntex CEO Anders Sonesson said: “We’re thrilled to have PINC on board. We have already received significant interest from global multinationals, along with impressive results from our pilots in the food and beverage industry.
“PINC is the ideal partner for this journey, bringing invaluable industry expertise and a vast international network.”
