LONDON: NetScientific plc, a venture capital investment group specializing in deep tech and life sciences, has announced that its portfolio company, DeepTech Recycling Limited, has completed a successful fundraising round of £0.8 million. This latest financial boost brings the total investment to £2.1 million, including previous funding rounds.
DeepTech Recycling’s fundraising journey began with an initial £1.0 million secured through an advanced subscription agreement in December 2023, followed by an additional £0.3 million. These funds are earmarked for the development of a pilot plant, refinement of technology, and expansion of the company’s core team and operating base.
EMV Capital, a subsidiary of NetScientific, orchestrated the fundraising, attracting new investors and securing further contributions from its EMVC Evergreen EIS Fund. Since acquiring a 30% stake in DeepTech Recycling in December 2022, NetScientific’s direct investment post-fundraising stands at 21.2%, translating to a fair value increase of £1.8 million.
DeepTech Recycling is at the forefront of chemical recycling technology, offering a sustainable solution for various plastic wastes. The company’s commitment to a circular economy is evident in its recent strides, including a Memorandum of Understanding to establish a commercial recycling facility in the UK and the selection of partners for a 7,000-tonne annual project.
The company has also made key hires, including Jonathan Seville as a Technical Adviser, and has set up new premises in Oxfordshire, complete with laboratories and a testing plant, to focus on technological advancements.
This news marks a milestone for DeepTech Recycling and its mission to make plastic sustainable and support the global drive towards a circular economy for plastics.
Dr Ilian Iliev, CEO of NetScientific and Interim Chair of DeepTech Recycling, commented: “Marvine and his team have effectively leveraged the recent fundraise, accelerating DeepTech Recycling through critical development phases. We are excited to support their progress in major projects in the UK and internationally. This journey perfectly exemplifies our capital efficient and value-creation strategy, turning a once undervalued and distressed asset, effectively valued at zero in 2022, into a thriving venture, and providing NetScientific shareholders with a significant and valuable stake at minimal cost.”
Marvine Besong, Managing Director and CTO of DeepTech Recycling, added: “EMV Capital has provided a unique support package, helping our team to restart and accelerate progress with DeepTech Recycling, and to access a supportive investor base that is committed to ESG and real impact in the plastic waste management space. It is only 1.5 years since the start of the company, we are now poised to take on exciting projects in the UK and internationally, driving sustainability in plastics and transforming waste into high-value resources. The future looks promising for DeepTech Recycling.”
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