MBA Polymers Inc., a
MBA Polymers, Inc., the cleantech leader in recycling engineering plastics, today announced that it has secured a $20 million funding round co-led by Doughty Hanson Technology Ventures and Benchmark Capital. MBA will use its new funds to further expand the number of factories it operates in Europe and Asia.
MBA Polymers recovers high-value plastics from complex waste streams, extracting plastics from items such as household appliances, computer and business equipment and automobiles. The company has perfected a proprietary process to recover and separate these high-value plastics from each other and from the residual waste. The result is cheaper plastics at a quality that can be virtually indistinguishable from virgin resins.
MBA's processes require a fraction of the energy and natural resources of traditional plastics factories, and they lead to reduced incineration and landfill. The company's capabilities are of great value to responsible corporations, as they allow them to completely control the lifecycle of their products in an efficient and eco-friendly way.
“We are delighted to partner with two premier investment firms which have strong global networks,” said Dr. Mike Biddle, chief executive officer 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 Dr. 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.”
Dr. Hein and Mr. Coelho have joined the MBA Polymers Board of Directors.
About MBA Polymers, Inc.:
MBA Polymers is a recognized leader at recycling high-value plastics from complex waste streams and end-of-life durable goods such as appliances, computer and business equipment, automobiles, and even sporting equipment. The company was founded in 1994 by Dr. Michael Biddle and Mr. Trip Allen to expand the research capabilities in the area of plastics recycling, and to develop a commercial process for recovering plastics from complex streams of materials. The company, headquartered in Richmond, CA, designed, built and now operates the two most advanced plastics recycling facilities in the world: one in Guangzhou, China and the other in Kematen, Austria.
MBA Polymers has been widely recognized for its innovation. Examples of international recognition include: a) Thomas Alva Edison Award for Innovation in 2002; b) Tech Pioneer Award from the World Economic Forum in Davos in 2006; c) Intel Tech Laureate Environmental Award in 2006; d) Ball State University Ascent Award in 2006; and e) being selected as one of “America's Most Innovative Companies” by Inc. magazine's Innovation Series.
For more information on MBA Polymers, visit its website at http://www.mbapolymers.com .
About Doughty Hanson Technology Ventures
Doughty Hanson Technology Ventures aims to help talented entrepreneurs in Europe to build world-class technology companies. Founded in 2000, Doughty Hanson Technology Ventures is an early-stage, venture capital fund with $272 million under management. Operating from London and Munich, the Fund is independently managed by a dedicated team of professionals with substantial personal experience in the technology and financial sectors. Having established a long track record of successful venture capital investments in Europe and the United States, the team relies on its experience, personal networks and the resources of Doughty Hanson & Co, one of Europe's largest independent private equity firms, to help identify exciting investment opportunities.
About Benchmark Capital
Benchmark Capital, a leading international venture capital firm, was founded in 1995 to help talented entrepreneurs with original ideas build successful technology companies. Benchmark's general partners take a team- oriented, labor-intensive approach to venture investing to deliver a superior level of service to the firm's portfolio companies. Benchmark's portfolio includes high-profile start-ups like Bebo, Infinera, MySQL, OpenTable, Second Life, Tellme, Yelp, and Zillow, and franchise companies such as eBay, Juniper Networks and Red Hat. Managing more than $3.5 billion in committed venture capital, Benchmark has offices in Silicon Valley, Europe and Israel. For more information on Benchmark Capital, visit its website at http://www.benchmark.com .