Polytag, a recycling technology company, has revealed the closing of a Series A seed funding investment round to enhance the recycling sector in the UK and Europe.
The investment will support the wider implementation of Polytag’s solutions, which provide real-time visibility and insights into the life cycle of single-use packaging.
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Swiss climate-focused venture capital business Collateral Good led the funding round and Knop Ventures, a venture capital fund committed to supporting startups, co-led it.
The financial boost will enable the installation of Polytag’s Invisible UV Tag readers in material recovery facilities across Europe, offering brands detailed data on the recycling of their packaging.
Polytag’s technology leverages QR codes to allow major fast-moving consumer goods brands to monitor and encourage the recycling of plastic packaging.
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The new investment will facilitate the expansion of this technology, providing brands with actionable insights into the recycling of their products.
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By GlobalDataPolytag CEO Alice Rackley said: “Securing this seed round funding is a testament to the strength of Polytag’s vision and the potential impact that our technology has in revolutionising the recycling sector.
“We thank our investors who, sharing our commitment to addressing the single-use plastic crisis, believe in our mission. Their support will drive our growth and allow us to provide exceptional value to customers and scale our transformative technology for the betterment of the environment.”
The funding builds on Polytag’s partnerships with major retailers including Ocado, Aldi, and Co-op.
In October last year, Wales-based Blighty Booch Kombucha joined forces with Polytag, implementing GS1-approved, unique-every-time QR codes across its product range.
