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We are excited to announce that VEnvirotech has been featured in an article by La Vanguardia! The biotech company, which uses bacteria to transform organic waste into biodegradable plastic, has closed a record funding round of 11 million euros. The funding will allow us to scale up our pilot projects with companies such as Nestlé, Calidad Pascual and BonÀrea, as well as improve our bacteria and industrialize the chemical process that extracts the plastic.
VEnvirotech has already raised 15 million euros and has incorporated family offices and business angels into its shareholder base, as well as a new industrial partner who has taken a 30% stake. Our company has become a reference in circular economy by transforming organic waste from the food industry into biodegradable bioplastics.
Our goal for the next two years is to produce more than 20,000 tons of bioplastic, revaluing over 200,000 tons of organic waste. With our headquarters in Santa Perpètua de la Mogoda, we currently employ 23 people, with plans to increase our staff to 40 by the end of the year.
We have faced setbacks due to the pandemic, but our investment in R&D has allowed us to generate revenue of 500,000 euros last year, without losses. We expect to achieve substantial profits this year.
Our company has two revenue streams. Firstly, we manage organic waste from companies in a modular way, through the placement of our own containers (VE-box) on their premises. Secondly, we extract and reformulate bioplastic from our bacteria to create a material with the same properties as plastic, but biodegradable, non-toxic and compatible with the human body. This is highly valued by the medical and pharmaceutical industries.
We are thrilled to continue our mission to promote sustainability and circular economy through innovative biotech solutions. Thank you for supporting us on this journey!