Plastics For Change raises $2 million

Bangalore, India-based Plastics For Change (PFC), which describes itself as establishing a fair trade-verified recycled plastic supply chain, has announced closing on a $2 million investment from Mirova, an affiliate of France-based Natixis Investment Managers.

The funding will support the expansion of PFC’s business model to coastal communities in India and neighboring nations to prevent discarded plastics from entering ocean-bound waterways. The investment may also enable brand owners and manufacturers to access what PFC calls high-quality recycled plastic material from transparent and responsible supply chains.

The round was led by Mirova through The Althelia Sustainable Ocean Fund  (SOF), an investment vehicle dedicated to the creation of value and social impact by providing growth capital to companies with oceanic tie-ins.

PFC says it is on a mission to help lift waste pickers out poverty by offering fair and predictable prices for the plastic scrap they collect. “Now more than ever, consumers want to buy from brands that share their values,” says Andrew Almack, founder and CEO of Plastics For Change. “Our fair trade supply chains provide our industry partners with the ability to achieve their recycling goals and deliver a message that resonates with consumers. I can’t wait to see how this investment will lead to positive change for the planet, people and the plastics industry.”

Comments David Barley, an investment director at Mirova Natural Capital, “Plastics For Change’s unique business model fortifies recycling businesses that pay waste pickers decent incomes, train them in techniques that boost their incomes, transforming waste pickers into ‘waste-preneurs.’ PFC is a great example of the type of business we like to support, with a significant potential to scale social and environmental impact in lockstep with commercial success.”

The platform builds transparency and accountability through the supply chain, ideally to enable brands to take responsibility for the materials they produce and transition toward the circular economy. “Enabling responsible supply chains and extended producer responsibility (EPR) schemes is a vital step in the prevention of plastic pollution,” says Myriam Shankar, chief operating officer of Plastics For Change.  “Plastics For Change’s unique, game-changing sourcing platform provides a scalable solution to combat the failing waste management system in emerging economies.”

The investment also will be used to aid in the recovery of a sector crippled by the coronavirus, says PFC. The lockdown has caused millions of informal waste workers to lose what income they had.