What is Cereplast?
Cereplast, Inc., formerly Biocorp North America Inc., is headquartered in Seymour, Indiana, and specializes in the development and commercialization of bio-based resins. The company's product portfolio includes Cereplast Compostables resins, designed as eco-friendly alternatives to petroleum-based plastics for applications such as compostable bags, food service products, and packaging. Additionally, Cereplast offers Cereplast Sustainables resins, which incorporate bio-based materials like industrial starches to reduce petroleum content in plastics used across automotive, consumer goods, medical, and construction sectors. The company also developed Cereplast Algae Plastic resins, derived from algae. Cereplast's materials are utilized in various manufacturing processes including injection molding, thermoforming, and extrusion. Despite its innovative focus, the company filed for Chapter 11 bankruptcy on February 10, 2014, with the proceedings converted to Chapter 7 on March 27, 2014.
How much funding has Cereplast raised?
Cereplast has raised a total of $5M across 1 funding round:
growth capital
$5M
growth capital (2010): $5M with participation from Horizon Technology Finance Corporation
Key Investors in Cereplast
Horizon Technology Finance Corporation
Horizon Technology Finance Corporation is a specialty finance company that provides structured debt financing to development-stage companies, primarily in technology and life sciences sectors. They focus on venture lending to businesses backed by venture capital and private equity investors, offering growth capital with protective features.
What's next for Cereplast?
The infusion of major strategic investment and enterprise-level funding suggests Cereplast aimed to scale its production capabilities and expand its market reach for its bio-based resin technologies. Such capital injections typically support research and development, enhance manufacturing infrastructure, and bolster sales and marketing efforts to capture a larger share of the growing sustainable materials market. However, the subsequent bankruptcy filing indicates significant challenges in achieving long-term financial viability or market adoption, despite the strategic backing received.
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