Hamburg, Germany bioeconomy startup producinng a natural biomaterial as an alternative to plastic, traceless materials raised EUR 36.6 million in Series A. The company announced the investment on September 26, 2023. Private equity fund investing in sustainable and resource-efficient forest and bio-based industries UB Forest Industry Green Growth Fund (“UB FIGG”) led the financing for the company. SWEN CP’s Blue Ocean fund, which invests in innovations addressing the existential threats to ocean health, further complemented the round. A local banking syndicate consisting of GLS Bank, Hamburg, and Hamburger Sparkasse also participated in the Series A funding. In addition, three existing investors, green-tech investor Planet A Ventures, seed investor High-Tech Gründerfonds (HTGF), and deep-tech investor b.value, provided the investment.
Purpose of financing for traceless materials
The Series A financing round is the second part of the company’s financing strategy. With the recent proceeds, the company aims to further expand its production capacities.
What the company’s officials have to add
Anne Lamp, Co-Founder & CEO, said, “Through scaling our innovative technology, we prove that a climate-friendly, circular, resilient and regenerative industry is possible. With our novel biomaterial, we can make a significant contribution to solving plastic pollution. We are convinced that UB FIGG and SWEN’s Blue Ocean fund are a great addition to our shareholders. In addition, they have relevant knowledge in our industry. The fact that both our investors and the banks fully support our mission was a decisive criterion for us.”
In addition, Johanna Baare, Co-Founder & COO, said, “Financing capital-intensive startups is still unfamiliar to many investors and banks. This makes it a special challenge for industrial manufacturing startups like us that are developing the innovative technologies of tomorrow. We are very pleased that with UB FIGG, SWEN CP, Planet A, HTGF, and b.value, our local bank consortium, we have found partners who share our vision. They have recognized and understood the challenges of financing our hardware scale-up. With their support, we are going to reach our ambitious goals to make our contribution to solve global plastic pollution.”
What the investors have to comment
Sakari Saarela, Partner at UB FIGG, further added, “a “traceless’ approach to use widely available agricultural side streams to replace fossil-based plastic and the financial opportunity their solution proposes convinced us both economically and ecologically. The traceless team has achieved extremely strong results in terms of material performance, development times and commercialization of the new material. We are looking forward to accompanying Anne, Johanna and the team in the scale-up of this innovative technology.”
Besides, Olivier Raybaud, Managing Director of SWEN Capital Partners, said, “The Blue Ocean fund seeks to invest in startups bringing innovative solutions to address the three main threats to our ocean: overfishing, ocean pollution and climate change. As plastic pollution is one of the main pollutants threatening our ocean, we were seduced by traceless, a bio-based and biodegradable material. It can replace plastics in products that easily end up in the environment. Hence in our ocean, such as single-use packaging as well as hidden plastics in adhesives and paper coatings. traceless is a compelling alternative to applications where reusable solutions are not sustainable and technical recycling is not feasible.”
About traceless materials
In 2020, founders Dr Anne Lamp and Johanna Baare launched the company in Hamburg. Traceless is on a mission to contribute to a regenerative, climate-friendly economy and a future free of plastic pollution.
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