Vancouver-based Solegear Bioplastics is an award winning developer of bioplastics technology has affirmed that Best Buy Capital, an investment division of Best Buy Co, Inc has made a strategic investment in the firm. The founder of Solegear, Toby Reid, made the announcement and said that, “We are pleased to confirm this strategic investment in our business by Best Buy Capital. Their commitment to our organization is further validation that Solegear’s unique customer engagement process continues to deliver value for today’s leading global brands.” He went on to say, “Our strategy of delivering bioplastic solutions to today’s sustainability leaders allows Solegear to help them capitalize on the opportunities that are increasingly arising from the transformation toward a bio-based economy.”
The Executive Chair of Solegear, Paul Antoniadis also had a message on the occasion and stated, “This strategic commitment from Best Buy is real, market-based validation of Solegear’s commercialization model. Solegear is committed to changing the way that we make and dispose of products made from plastic, and we’re very pleased to add Best Buy as a key partner on this journey.”
According to Solegear this investment will further fortify its initiative to “become a global leader in the bioplastics industry.” This new financial support from Best Buy has helped Solegear speed up the development of two more bioplastic formulations, which will be released under its Polysole label. These two bioplastic formulations will be made available within 2013.
This is not the first time that Solegear has seized funds from a backer, as prior to this the Canada based company has conducted a Series A round with the help of some angel sponsors and Yaletown Venture Partners.
Source: TechVibes
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