Angel investment supports international growth at Swansea based circular plastics manufacturer
Angel syndicate dedicated to fighting climate change invests in Swansea based manufacturer
A Swansea based manufacturer of zero waste circular plastics, which boasts clients including Mercedes Benz, is on track for international business growth following an injection of angel investment finance led by Green Angel Syndicate.
Smile Plastics raised £980k from Green Angel Syndicate members, the GAS Climate Change Fund, the British Business Investments funds committed to GAS through its Regional Angels Programme, the Angel CoFund and a number of other private investors.
The company manufactures products from recycled materials, including discarded chopping boards, cosmetics bottles and yoghurt pots. These are made into decorative, durable, moulded panels that have numerous applications, ranging from cafe countertops to swimming pools and stylish modern furniture.
Designs from Smile Plastics can be found in Studio Odeonsplatz by Mercedes-Benz, the luxury German automotive brand’s prototype showroom in Munich. Contemporary Danish fashion brand, Ganni, also utilises the Swansea based manufacturer’s eye-catching eco-friendly product display units in their stores across Scandinavia, London, Paris and Los Angeles.
Funds raised will support Smile Plastics in its international expansion alongside purchasing a factory in Swansea, additional machinery and expanding the team.
Smile Plastics follows a zero-waste production model and offers a buy-back scheme, providing a closed-loop full-circle ecosystem that keeps plastics out of landfill. The company’s aim is to challenge ideas about business waste and the system that creates it and manufacture and produce plastics made from 100% recyclable materials.
Smile currently delivers over 500 tonnes of CO2 savings per year when compared to the traditional way of making panels from virgin polymer. The panels are predominantly used in the hospitality and retail sectors, although there is a rapidly growing market for making furniture and other household items
The Green Angel Syndicate is a delivery partner of the Regional Angels Programme, which is operated by British Business Investments, a commercial subsidiary of the British Business Bank. The Regional Angels Programme seeks to reduce regional imbalances in access to early-stage equity finance.
It is the first Regional Angels Programme delivery partner specialising in the fight against climate change by only investing in companies whose technology and process innovations have the potential to reduce carbon or greenhouse gas emissions or to remove carbon from the atmosphere. The Regional Angels Programme will match funds raised via Green Angel Syndicate’s network of investors and their EIS Climate Change Fund.
Rosalie McMillan, Founding Director of Smile Plastics said: “This investment is well timed to enable us to realise the rapid growth needed to meet the demand for our product in the UK and internationally. We’re proud to have GAS on board for the next stage of our journey.”
Cam Ross, CEO of Green Angel Syndicate commented: “Smile Plastics produces stunning products that are in high demand and good for the planet. This investment will support Smile in meeting that demand and expanding this already hugely successful business. And as their name suggests, the team at Smile are a joy to work with!”