Vartega Secures $10M in Equity Financing Led by Diamond Edge Ventures to Promote Fenix Fiber™ EasyFeed Bundles™ for Applications in Automotive, Additive Manufacturing, Consumer Electronics, and Sporting Goods
DENVER, CO — Vartega, a leading innovator in carbon fiber recycling, announced the close of its oversubscribed $10M preferred equity financing led by Diamond Edge Ventures. The investment will propel Vartega’s mission to solve the world’s toughest advanced materials recycling challenges.
Diamond Edge Ventures, the corporate venture capital arm of the Mitsubishi Chemical Group (MCG), has demonstrated confidence in Vartega’s vision to create circular supply chains for advanced materials. This funding round also included participation from Circular Innovation Fund and existing investors HG Ventures and Techstars.
Vartega’s proprietary recycling processes enable the recovery and conversion of high-performance carbon fiber used in advanced materials for aerospace components, automotive parts, and wind turbine blades. The company’s innovative approach reduces waste and provides manufacturers with a sustainable source of high-quality recycled carbon fiber via Vartega’s EasyFeed Bundles known as Fenix Fiber and Fenix Fiber+™. Fenix Fiber is a strong, stiff, and lightweight carbon fiber reinforcement for compounded thermoplastics. Fenix Fiber+ is enhanced with high-performance additives such as functionalized graphene.
“Diamond Edge Ventures investment validates our efforts to address the urgent need for sustainable solutions in the composites industry. We are grateful for their support as our lead investor for this pivotal funding round,” said Andrew Maxey, CEO of Vartega. “This capital infusion will enable us to expand our operations, enhance our technology, and further establish Vartega as a leader in the circular economy.”
The funds from this financing will be allocated to fully utilize Vartega’s new 82,000 square foot production facility and commercialize additional recycling processes to broaden feedstock availability. The company aims to continue collaborating with industry partners to integrate recycled carbon fiber into various applications, including automotive, additive manufacturing, consumer electronics, and sporting goods.
“As the world shifts towards a more sustainable future, we are excited to support Vartega in their mission to transform the materials industry,” said Curtis Schickner, President of Diamond Edge Ventures. “Vartega’s innovative approach to carbon fiber recycling aligns with our vision for investing in technologies that positively impact the environment and economically meet current and future customer needs.”
Vartega expresses gratitude to all the investors who participated in this financing and prior rounds, contributing to realizing a more sustainable future for composite materials.
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About Vartega
Vartega is making carbon fiber more accessible by solving the world’s toughest advanced materials recycling challenges to create circular supply chains, decarbonize transportation, and enable a sustainable future. Vartega’s carbon fiber and specialty thermoplastics are used in sporting goods, consumer electronics, additive manufacturing, and vehicle lightweighting. Learn more at www.vartega.com.
About Diamond Edge Ventures
Diamond Edge Ventures was established in 2018 as the venture capital arm of the Mitsubishi Chemical Group (MCG). The company aims to foster innovation across the MCG Group companies through investment in and strategic partnerships with high-potential startups. For further information, visit https://www.diamondedgeventures.com or contact us at [email protected].
About Circular Innovation Fund
The Circular Innovation Fund (“CIF”) is a global venture capital fund focused solely on circular innovation. It is a joint venture between leading cleantech capital managers – Paris-based Demeter and Montreal-based Cycle Capital. The fund invests in growth-stage companies from North America, Europe and Asia developing breakthrough new materials, circular packaging, recycling and waste innovations, logistics, as well as eco-efficient processes & design, and circular business models. For more information on the Circular Innovation Fund, visit: www.circularinnovationfund.com.