Best Buy Capital, the investment arm of retailer Best Buy Co., Inc., made a strategic investment in Solegear Bioplastics, Inc., an engineer, producer and distributor of high-performance bioplastic products based in Vancouver, British Columbia. Terms of the deal were not released. The Best Buy Capital investment follows a Series A financing of Solegear in June, 2012, led by Canadian venture capital firm Yaletown Venture Partners and joined by a number of angel investors.
Best Buy Capital Makes Strategic Investment in Solegear Bioplastics
VANCOUVER, BRITISH COLUMBIA—(January 22, 2013) Solegear Bioplastics Inc., a developer of award-winning bioplastic technologies, is pleased to confirm that it has received a strategic investment from Best Buy Capital, the investment arm of Best Buy Co., Inc.
“We are pleased to confirm this strategic investment in our business by Best Buy Capital. Their commitment to our organization is further validation that Solegear’s unique customer engagement process continues to deliver value for today’s leading global brands,” said Solegear founder and CEO, Toby Reid. “Our strategy of delivering bioplastic solutions to today’s sustainability leaders allows Solegear to help them capitalize on the opportunities that are increasingly arising from the transformation toward a bio-based economy.”
This strategic investment further strengthens Solegear’s initiative to becoming a global leader in the bioplastics industry. In addition to the recent Series A financing, led by Yaletown Venture Partners, this commitment from Best Buy Capital has accelerated the development of two additional breakthrough bioplastic formulations under Solegear’s Polysole® brand name, both of which will be introduced to the wider market in 2013.
“This strategic commitment from Best Buy is real market-based validation of Solegear’s commercialization model. Solegear is committed to changing the way that we make and dispose of products made from plastic, and we’re very pleased to add Best Buy as a key partner on this journey,” said Solegear Executive Chair, Paul Antoniadis.
About Solegear Bioplastics Inc.
Solegear, based in Vancouver BC, engineers, produces and distributes high-performance bioplastic products made from rapidly renewable resources. Founded in 2006, Solegear has developed proprietary bioplastics formulations under the brand name Polysole® – a 100% non-toxic, bio-based and compostable bioplastic. In 2010, Solegear was awarded Frost & Sullivan’s Best Practices Award recognizing outstanding achievement and superior performance in leadership, technological innovation, customer service, and strategic product development.
For more information, please contact:
Stephanie Zahn, CMO
Solegear Bioplastics Inc.
Photo courtesy of Shutterstock.