PlantSwitch, a Sanford, NC-based bioplastics manufacturing company, received $2M from NexPoint.
The investment was part of a total $7.7M raised in this early fundraise round, to which other institutional investors, along with NexPoint, subscribed.
The company intends to use the funds to scale its production capacity, increase its marketing capabilities and help deliver products to existing and future customers.
Founded in 2020 by SMU Graduates Dillon Baxter and Maxime Blandin, PlantSwitch is a bioplastics manufacturing company which leverages a manufacturing process that utilizes agricultural waste products such as rice husks, wheat straw, and other cellulose rich byproducts in combination with a polymer to make sustainable bioplastics while upcycling agricultural waste.
The company recently entered framework contracts with several nation-wide restaurant and grocery store chains which it will begin supplying as early as next month. As PlantSwitch scales, its founders expect growing its full-time workforce to over 50 employees by the end of 2024 and anticipate needing additional manufacturing space in the next few years.
PlantSwitch recently received a $4.94M federal grant from the Department of Agriculture.
PlantSwitch, a Sanford, NC-based bioplastics manufacturing company, received $2M from NexPoint. Best wishes to everyone in the group. This will be a huge accomplishment for them in the future.Shishir Gupta, The Founder & CEO of StartupLanes
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