Singapore-based impact private equity fund ABC Impact, together with sustainable chemical company Indorama Ventures, have led a £20 million ($24.98 million) Series B funding round in Polymateria Limited, the British company which has pioneered biotransformation technology to combat plastic pollution.

ABC Impact said in a statement on Wednesday that the proceeds from the funding round will be used to accelerate commercialization of Polymateria’s biotransformation technology on a global scale.

Polymateria intends to both increase penetration into existing markets and expand into new markets where fugitive plastic pollution is most acute, including developing further in Asia.

Polymateria also plans to boost its research and development (R&D) capabilities by investing into its in-house laboratory at Imperial College London.

“With the strength of Polymateria’s scientific underpinning and the vast scalability of its technology, we believe that the solution developed by the company can help address challenges in plastic packaging related pollution,

“We look forward to helping the team expand its commercialization reach and further generate impact at scale in Asia,” said Sugandhi Matta, Chief Impact Officer at ABC Impact.

According to the statement, Polymateria has appointed Sugandhi Matta to its board, which is chaired by the Blackstone Group International Partners Chair, Marc Bolland.

“I’m tremendously excited to be embarking on the next step of Polymateria’s journey. We founded Polymateria to make a real difference to one of the world’s biggest environmental challenges,” said Lee Davy-Martin, Co-Founder and Board Member of Polymateria.

With the backing of investors like ABC Impact and Indorama Ventures, he said the firm is well on the way to achieving its mission.

Polymateria is a technology company developing biodegradable plastic alternatives.

The firm provides a tailored biodegradable solution for conventional plastic packaging, aiming to stem the global plastic pollution endemic.

The firm’s biotransformation technology has uniquely proven full biodegradation of plastic items into water, CO2and biomass without leaving any microplastic or toxic residue in the open environment.

The technology can be deployed with no changes to existing manufacturing processes and is compatible with existing recycling streams, giving it unrivalled scalability.

Its recent high-profile customers include Twickenham Rugby Stadium, the Chicago Marathon and 7-ELEVEN Taiwan.

“We’re delighted to be following our money into Polymateria’s Series B round. What started as a relationship between customer and technology provider has now become a strategic alliance,” said Yash Lohia, Chairman of the ESG Council at Indorama Ventures.

“Indorama Ventures is excited by the potential of Polymateria’s biotransformation technology and we look forward to seeing it rolled out on supermarket shelves with many of the world’s most recognised brands,” he added.

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