The Hamburg-based startup Wildplastic has completed its second round of financing totalling 825,000 euros. Seven new partners have participated. Among other things, the money will be used to expand the product range and drive growth in German-speaking countries.
Financing partners for a new company model
Wildplastic works with partner organisations in countries without adequate waste management systems, such as India or Indonesia, to collect wild plastic from the environment and return it to the recycling cycle. With the recently completed financing round, the company is receiving capital from this new investors: Cantella, Focussed Business Events, Matthias Fricke, Janina Weingarth, Karma Capital, Nadia Boegli and Wilfried Gillrath. Previous financing partners include Purpose Ventures, Planet A Ventures, Golzern Holding and Innovation for Impact.
Wildplastic needs new ways of financing because the company was founded as a limited liability company under responsible ownership. The specific feature of this model is that the voting rights are separated from the economic rights. This ensures that decisions within the company are made on the basis of the company's purpose and not according to individual financial motives. The holders of the voting rights are decision-makers in the company and cannot withdraw any profits or assets. A classic exit is therefore not possible. The partners' shares are capped in terms of profit rights and are non-voting, meaning that control remains in the company. In the event of economic success, parts of the profits are used to adequately compensate the invested parties for their risk.
