MBA Polymers Receives Funding from Venture Capital Firms

Plastics recycling firm raises $25 million to grow its business.

Richmond, Calif.-based MBA Polymers Inc. has announced that it has raised $25 million in an equity funding round co-led by Doughty Hanson Technology Ventures and Balderton Capital. Artemis Investment Management and Keating Investments have joined the round, which also includes existing investors LESS, Honeywell Capital Management, Citi’s Sustainable Development Investments and Aloe Private Equity.

In a release announcing the funding, London-based Doughty Hanson Technology Ventures  says proceeds from the funding will be used to support MBA Polymers’ existing operations and its growth plans, including new factories in Europe and Asia.
MBA Polymers’ business focuses on recovering and extracting plastics from complex waste streams, including household appliances, computer and business equipment and automobiles. The company notes that it creates recycled plastics at a quality that can be virtually indistinguishable from virgin resins, offering energy efficiency.
“We are delighted to have our investors’ continued support,” says Mike Biddle, president and founder of MBA. “We continue to build our financial strength to increase our position as the cleantech leader in recycling engineering plastics and to grow our business worldwide.”
George Powlick, managing director of Doughty Hanson, says, “MBA’s market leading ability to reclaim high-grade engineering plastics is progressing rapidly. The company is experiencing more than 100 percent revenue growth year over year.” He adds, “We are pleased with the recent opening of MBA’s largest plant located in the U.K. This facility extends MBA’s processing ability into the automotive waste market and will drive the next phase of the company’s growth.”
Tim Bunting, a partner at London-based Balderton Capital, adds, “We are looking forward to further growth in the near term as MBA continues to dominate this new industry.”