DePoly secures US$23M grant to build PET-to-raw-material recycling plant in Switzerland

DePoly has been granted US$23 million in seed funding to demonstrate the industrial-scale implementation of its “revolutionary” technology that transforms plastic waste into virgin-quality raw materials without fossil fuels. The Swiss cleantech scale-up plans to launch a 500-metric-ton-per-year showcase plant.

“Imagine a world where discarded items — from polyester shirts to water bottles — are not wasted anymore but resources are transformed back into the building blocks for new products,” says DePoly. “Revolutionizing an industry isn’t just about creating new technology — it’s about proving it works at scale.”

Samantha Anderson, co-founder and CEO at DePoly, comments: “By delivering oil-equivalent monomers, DePoly’s technology sets a new benchmark for circularity, offering a genuine alternative to virgin materials.”

“The upcoming showcase plant validates our roadmap to creating a truly circular plastics market. Following our pilot and showcase plant, our next goal is to scale our operations to industrial size with a first of a kind commercial plant based on our technology.”

The scale-up was recognized as a Technology Pioneer by the World Economic Forum in Davos and won the 2024 Top 100 Swiss Startup Award.

Partnerships in action

DePoly is planning to build the commercial plant in 2027 using seed funding, with MassMutual Ventures joining a second closing of its funding round. The extensive investor base behind DePoly positions it as one of the biggest recycling technology companies in Europe, with more than US$30 million raised across two rounds and grants.

Alongside MassMutual Ventures, DePoly’s investors include Founderful, ACE & Company, Angel Invest, Zürcher Kantonalbank, BASF Venture Capital, Beiersdorf Venture Capital, and Syensqo.

Alix Brunet, Europe lead at MassMutual Ventures, says: “DePoly's proven technology is a game changer addressing a crucial industrial and societal challenge. This raise and the showcase plant opening are advancing DePoly's position as a leader in plastics recycling.”

The commercial impact of the DePoly recycling technology has already been demonstrated through collaborations with companies in the fashion industry, like Odlo, in cosmetics, and the broader consumer goods industry. 

DePoly argues that these partnerships validate the quality of its recycled monomers by transforming PET waste into new bottles, high-performance textile fibers, and cosmetic packaging. 

“This proves that DePoly’s recycled materials can meet, and even exceed, the highest standards of purity and performance across a wide range of industries.”

David Hanf, who joined DePoly in 2024 as CFO, bringing experience from European scale-ups like Smava and Thermondo, adds: "We are convinced our technology is one of the fastest to scale and will allow us to compete with virgin pricing at scale, a key factor for success. We are happy to have expanded our investor base to the US with MassMutual Ventures as we want to build a global champion."