Solegear develops bioplastic technologies made from rapidly renewable resources and the financing comes on the back of a recent Series A round, led by Yaletown Venture Partners.
“We are pleased to confirm this strategic investment in our business by Best Buy Capital,” said founder and CEO, Toby Reid.
“Their commitment to our organisation is further validation that Solegear’s unique customer engagement process continues to deliver value for today’s leading global brands.
“Our strategy of delivering bioplastic solutions to today’s sustainability leaders allows Solegear to help them capitalise on the opportunities that are increasingly arising from the transformation toward a bio-based economy.”
The additional capital will allow the business to accelerate the development of two additional bioplastic formulations under Solegear’s Polysole brand name.
The Vancouver, British Columbia-based business said it expects both of these to be introduced to the market in 2013.
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