The Swiss young company Doly SA has secured $ 23 million (20 million euros) as part of its latest round of financing.
With the additional means, the company founded in 2020 wants to advance the development of its recycling process, which enables to convert PET and other polyester waste into new raw materials. According to the company, the opening of a demonstration system with an annual capacity of 500 tons is imminent. For 2027, Doly plans to set up a more powerful, commercially usable production facility.
Meritual ventures invested for the first time in Doly
For the first time, the American investment company made a participation in the recent financing round. It was followed by the existing donors from Doly, which includes Founderful, Ace & Company, Angel Invest, Zurich Cantonal Bank, BASF Venture Capital, Beiersdorf Venture Capital and Syensqo. According to its own statements, the start-up was now able to collect a total of more than $ 30 million in two financing rounds.
Chief Financial Officer (CFO) David Hanf was confident about the investor’s encouragement. “We are convinced that our technology is one of the fastest scalable and will enable us to compete with the prices for new materials for larger production quantities. This is a key factor for success,” he said in a statement. “We are pleased that we have expanded our investor base to the USA with massive ventures because we want to build a global champion.”