TLDR:
- Suzano Ventures has invested up to $5 million in Bioform Technologies, a Canadian materials science startup.
- Bioform’s technology produces wood pulp-reinforced hydrogels to create high-performance plastic alternatives, with applications in packaging and agriculture.
Suzano Ventures, the corporate venture capital arm of Suzano, the world’s largest market pulp producer, has announced a strategic investment in the Canadian materials science startup, Bioform Technologies. This funding provides up to $5 million towards Bioform’s seed round, allowing the company to accelerate the development of its novel bio-based plastic alternatives. Bioform’s technology involves producing wood pulp-reinforced hydrogels to create high-performance plastic alternatives, which can be made using Suzano’s wood pulp fiber as a key input. These materials have the potential to be home compostable or recycled through existing paper recycling processes, without the need for fossil-based inputs.
This versatile technology has applications in replacing conventional single-use plastics, including paper recyclable thermoformable films for packaging and compostable heat-sealable films for various industries. With the potential to offer an 80% lower carbon footprint compared to traditional plastics, Bioform’s technology maintains similar or enhanced product performance. The funding from Suzano Ventures will enable Bioform to establish a demonstration facility to pilot its manufacturing process and expand its team and capabilities.
Bioform Technologies previously raised $2.4 million from direct investments and $1.2 million from non-dilutive sources to streamline its technology and validate performance in its labs. Suzano, based in São Paulo, Brazil, produces market pulp entirely from farmed eucalyptus and reaches over 2 billion people in more than 100 countries. With a research and development center in Vancouver, Canada, Suzano has a strong presence in the region since 2015.
Key quotes from the article include Bioform Technologies CEO Chris Clark emphasizing the goal of producing sustainable alternatives to single-use plastics and Suzano Ventures Senior Manager Paula Puzzi expressing belief in Bioform’s ability to disrupt the industry with renewable materials and established industrial processes.
