Dow, the global material science company, has led a group of new and returning investors backing the latest round raised by a Nairobi-based Kenyan plastics recycler and supplier of recycled plastics. The other first-time investors in the business include the Minderoo Foundation, Bestseller Foundation, The One Foundation, Alpha Mundi‘s AlphaJiri Investment Fund, and Water Unite Impact, an investment vehicle managed by Wellers Impact. Two investors who backed Mr. Green Africa in 2019, DOB Equity and Global Innovation Fund, are making follow-on deals in the business.
A representative for the company declined to disclose how much money had been raised from the investor group. Mr. Green Africa will use the capital raised from the round to scale its business across the continent. Africa’s rapid rates of urbanization and expanding middle class are leading to the increased consumption of products that use plastics. Typically these end up in the environment, being burned, dumped in landfills, or left on the streets. As well as building its waste collection supply chain, the firm will use the capital to pay the waste pickers a living wage as well as increase the capacity of its production plant to process 15-20,000 metric tons of plastic waste annually in East Africa.
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