Metals recycling disruptor DEScycle is “poised to make a significant impact” after raising more than £10 million, an investor has pledged.
The London technology firm secured cash from a number of capital funds in its first major round, known as its Series A stage.
DEScycle aims to “transform the metals industry” with innovative recycling methods using deep eutectic solvents. It says these non-toxic, non-water-based salts produce low-carbon materials.
The latest investment was led by UK and Ireland equity fund BGF and Berlin-based Vorwerk Ventures.
Other parties including Cisco Investments, Kadmos Capital and Nesta also committed cash while follow-on investment was received from existing shareholders including TSP Ventures, Green Angel Ventures and CPI Enterprises.
Funds raised will be used to build and operate a pre-commercial pilot plant at Wilton International in Teesside. The firm said this would help demonstrate its technology in a real-world environment and provide the data for commercial scale up.
Rowan Bird, investor at BGF, said: “DEScycle is poised to make a significant impact on metals recovery and sustainable e-waste management.
“We look forward to supporting DEScycle’s mission to replace outdated pollutive technologies, delivering significant costs savings, increased performance, environmental impact and transparency in the critical e-waste recycling sector.”
