MBA Polymers, Inc. has secured a $20 million funding round co-led by Doughty Hanson Technology Ventures and Benchmark Capital. MBA will use its new funds to expand the number of factories it operates in Europe and Asia.
MBA Polymers recovers plastics from complex waste streams, including household appliances, computer and business equipment and automobiles. The company has perfected a process to recover and separate high-value plastics from each other and from the residual waste. The result is less expensive plastics with a quality virtually indistinguishable from virgin resins.
MBA's processes require a fraction of the energy and natural resources of traditional plastics factories.
"We are delighted to partner with two premier investment firms which have strong global networks," said Mike Biddle, CEO of MBA. "We now have the financial strength to increase our position as the cleantech leader in recycling engineering plastics and to continue to grow our business worldwide."
"MBA is a rare combination," said Soren Hein of Doughty Hanson. "It is both an important venture investment and a company which the entire industry wants to succeed because its technology is so worthwhile and unique."
"We believe that MBA has the potential to scale rapidly in a sector that is increasingly important in today's society," added George Coelho of Benchmark Capital. "Our team at Benchmark looks forward to working closely with such an exciting company in this fast-advancing field."
Along with the funding, Hein and Coelho have joined MBA’s Polymers board of directors.