Nfinite Nanotech closes $6.5M financing round

Nfinite Nanotech, Waterloo, Ontario-based developer of plastic-alternative nanocoatings, has completed a $6.5 million seed financing round, led by Collateral Good, with participation from Suzano Ventures as a strategic investor.

Additional investors include FTW Ventures; MaRS IAF; Overlay Capital; Ponderosa; and Republic Capital. Nfinite also received nondilutive funding from Next Generation Manufacturing Canada.

Nfinite says it is tackling issues with plastic packaging with its advanced material nanocoating that enables the use of sustainable packaging at a commercial scale. The company’s nanocoating is an ultrathin and high-performance barrier coating that maintains the recyclability and compostability of packaging, while preserving the freshness and shelf life of products.

“This funding will catalyze our growth, enabling us to scale our operations, enhance our R&D [research and development] capabilities and solidify our market position as pioneers in eco-friendly packaging,” Nfinite CEO Chee Hau Teoh says in a news release. “We are committed to leveraging this opportunity to deepen our partnerships with our customers and continue delivering solutions that meet the urgent need for sustainability in our world today.”

Citing research claiming 400 million tons of plastic scrap are generated globally each year and that the market for sustainable packaging is expected to reach $737.6 billion by 2030, the company says consumer packaged goods (CPG) companies and packaging manufacturers around the world are united around a shared commitment to improve sustainability and minimize the environmental impact of packaging in the same timeframe.

“Nfinite’s approach to sustainable packaging addresses the critical barrier problem that has hindered the adoption of eco-friendly materials,” says Michael Kleindl, managing partner at Switzerland-based Collateral Good. “We have tremendous confidence in Nfinite’s team as it continues to revolutionize the sustainable packaging industry with high-performance nanocoating solutions that make packaging sustainable and keep products fresh.”

Suzano Ventures Senior Manager Paula Puzzi says her Brazil-based firm wants to expand the use of sustainable packaging, and Nfinite’s coatings are pilot-proven and set to play a meaningful role in enabling CPG manufacturers and packaging producers to minimize environmental impact. “As a company that has been operating for over 100 years bringing more sustainable solutions to society, we are proud to partner with the Nfinite team in its journey to build a greener future, through paper-based packaging," she says.

Nfinite says it actively is working with some of the largest CPG companies and packaging manufacturers in the world. Frank Lehmann, vice president of corporate venturing and open innovation for Switzerland-based Amcor, says, “As a global packaging leader, Amcor is proud to have partnered with, and invested in, Nfinite early in their journey through our Amcor Lift-Off program. Nfinite shares our commitment to creating a circular economy, and we look forward to continuing to work with them to develop innovative ways to deliver more sustainable packaging solutions.”

Hiroki Taenaka, project lead for the Smart Life Creation Group at New York-based Mitsubishi Corp. (Americas), says collaborating with Nfinite has been a rewarding experience. “We are excited to see how our partnership will continue to evolve and drive innovation in the industry.”