Planted Materials Secures Pre-Seed Funding in Support of Driving the Circular Economy
Funding and Local Government Support to Fuel Scaled Production of Renewable Feedstocks Needed by Global Manufacturers
News provided byGreen Water Labs
Nov 21, 2023, 2:43 PM ET
SEATTLE, Nov. 21, 2023 (GLOBE NEWSWIRE) -- Planted Materials, a pioneering provider of renewable feedstocks to global manufacturers, today announced the completion of their first pre-seed round securing $500,000 in capital at a post-investment valuation of $6.7 million. This milestone achievement marks a significant step in the company’s mission to utilize plant waste to produce renewable materials and chemicals to help drive the circular economy, while enhancing Seattle’s image as a prime location for sustainability-based business.
“Planted Materials has seen early commercial validation of its waste-to-product biorefinery technology, with the viral launch and growth of its Green Water Labs brand," said Galileo Russell, Founder and Partner at HyperGuap, and one of the participants in this funding round. "We are excited about future product launches as Noah and the team define a new category of sustainable and natural products.”
Further enabling its ability to rapidly scale, Planted Materials was accepted into the Greater Seattle Export Accelerator (GSEA) program. The GSEA runs in partnership with the U.S. Small Business Administration to collaborate with community, state, and federal international trade entities to support the launch, growth, and scaling of STEM and/or R&D-focused small businesses in the greater Seattle area.
Planted Materials’ CEO was also selected as a delegate to accompany Washington State Governor Jay Inslee on his trade mission to Australia earlier this month. The delegation traveled with the goal of expanding the existing billion-dollar trade relationship with Australia and accelerate the global switch to clean energy.
“The tremendous support we’ve received from the Seattle community is helping us lay the foundation for one of the most pioneering clean tech movements in the Pacific Northwest,” said Noah Belkhous, CEO and co-founder of Planted Materials. “After three years of bootstrapped R&D, this investment is enabling Planted Materials to jumpstart the development of our pilot facility that will recycle organic waste into renewable materials on a commercial scale.”
Planted Materials also launched its next funding round at the recent 5th annual Demo Day hosted by Santa Clara University’s Bronco Venture Accelerator. The Planted Materials team participated in the 12-week program, getting access to the University’s mentors, faculty, investor network, and other resources.
About Planted Materials
Founded in 2020, Planted Materials recycles and processes organic waste to create renewable alternatives to petroleum-based materials and chemicals. With nearly a quarter of all greenhouse gasses originating from the manufacturing industry, the company’s mission is to supply eco-friendly, renewable materials to sustainable manufacturers around the world. Its consumer products arm, Green Water Labs, operates with a commitment to environmental preservation through the development of plant-based alternatives to chemicals used in and around homes and businesses.
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