traceless, a German startup that manufactures natural biomaterial as an alternative to plastic, has announced the completion of a €36.6m ($38.7m) Series A funding round.

This round was led by United Bankers’ UB Forest Industry Green Growth (FIGG) Fund and impact venture capital SWEN Capital Partners’ Blue Ocean fund.

UB FIGG mainly focuses on investing in sustainable and resource-efficient forest and biobased industries, while the Blue Ocean fund invests in innovations that address three existential threats to ocean health: overfishing, pollution and climate change.

Other investors taking part in the Series A round included a local banking syndicate comprising GLS Bank, Hamburg and Hamburger Sparkasse.

The round also involved the participation of traceless’ existing investors, including seed investor High-Tech Gründerfonds, deep tech investor b.value and green-tech investor Planet A Ventures.

UB FIGG partner Sakari Saarela stated: “traceless’ approach to use widely available agricultural side streams to replace fossil-based plastic and the financial opportunity their solution proposes convinced us both economically and ecologically.”

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traceless produces materials in the form of a granulate that can be processed using standard technologies in the plastics and packaging industry.

The bioeconomy startup will leverage this investment for the construction of its first demonstration plant in Hamburg, Germany.

This plant will also help traceless to facilitate the large-scale production of biocircular alternative material.

Industrial-scale production of traceless’ sustainable material will further help in replacing thousands of tonnes of traditional plastics every year while significantly reducing carbon dioxide emissions.

The use of new materials will also minimise the consumption of fossil resources, water and agricultural land.

traceless co-founder and CEO Anne Lamp said: “Through scaling our innovative technology, we prove that a climate-friendly, circular, resilient and regenerative industry is possible.”

The latest round is the second part of traceless’ financing strategy to construct a new plant and expand its production capabilities.

traceless also obtained funding of €5.13m from Germany’s Federal Ministry for the Environment, Nature Conservation, Nuclear Safety and Consumer Protection.