Cirplus, Europe's largest digital procurement platform for recycled plastics, has secured seven-figure funding. The lead investors include igus GmbH, a manufacturer of energy chain systems and plain bearings made from lubrication-free and low-wear high-performance plastics, and WEPA Ventures, a venture capital company backed by the European family-owned WEPA Group.
Cirplus intends to use the capital to further develop its platform and expand geographically. The aim of Cirplus is to create a Comprehensive digital procurement solution for recycled plastics to reduce the transaction costs for the use of recyclates on a global scale and secure them in the long term. To this end, the company aggregates and qualifies manufacturers and traders of recycled pellets and regrind, among other things, and offers the buyer side uncomplicated access to volumes in fragmented markets. The B2B platform is already used by more than 3,000 companies in the plastics and recycling industry from over 100 countries.
„igus, WEPA Ventures and Cirplus share the vision of completely closing the plastics loop with the means of digitalisation. The experience of igus in the field of engineering plastics, coupled with our know-how in the field of digitalisation, are the ideal basis for paving the way to a digitalised circular economy across all industries. As a family venture capital firm, WEPA Ventures invests in innovations in the field of circularity and sustainability, among other things, and will also support us with its wide-ranging industry contacts. The European family-owned company WEPA behind WEPA Ventures is an industry pioneer in the field of sustainability and the circular economy and is already increasingly working with circular raw materials made from paper and plastic. All in all, we are strengthening our roots in the industry and, conversely, supporting our partners in the digitalisation of their own business and innovation processes.”
Christian Schiller, founder and managing director of Cirplus
“The circular economy will be the new normal and with our investment in Cirplus we are addressing Growth potential in various sectors, particularly in the packaging industry, B2B products and services and in the circular economy. We see a high relevance for the circular transformation of the industry and are delighted to be on board with Cirplus as an investor and thus to be able to help shape the further development towards a circular economy,“ says Carl-Luis Rieger, Managing Director of WEPA Ventures.
The plastics recycling market is characterised by high costs and often inadequate quality compared to virgin material. Through this cooperation, the partners are emphasising their understanding that Green and digital change are inextricably linked are essential for a successful transformation towards a genuine circular economy.
Source: Cirplus
