Melbourne based Elliot Costello of Phantm has raised a seed round of $2m to help build a platform to help brands the world's replace fossil plastics with natural materials - and save money doing so!
Investors include Dan Bennet’s Salus Ventures and Matt Browne’s Blacknova, Salus Ventures and Ali Hamed’s CoVentures
Only about 10% of the world's $930Bn plastics industry is recycled - solving this problem can help building environmental resilience - creating a unicorn by doing good!
They are helping the likes of Starbucks to become plastic free by replacing their plastics with natural materials such as seaweed, fungi, cellulose, pulp and biodegradable PHA-based materials.
They get this right - and they have a path to going global!
Phantm notes the plastic industry is currently valued at more than US$600 billion ($934 billion) with consumption expected to nearly double by 2050 at the current pace of growth. It says only 9 per cent of plastics are recycled globally, with contamination and mixed plastics often hampering recycling efforts.
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