Plastic reduction platform Phantm has successfully secured $2 million in a seed round – the led by Blacknova VC, Salus Ventures and CoVentures VC – with the funds raised earmarked to accelerate Phantm’ts efforts in pushing for the adoption of natural materials as a way to address the world’s largest waste issues.
Phantm’s methodology, known as A-R-T (Assess, Reduce, Transition), assists firms in reducing costs and tracking their progress towards becoming plastic-free, and they have already worked with a range of leading international and Australian businesses, including MECCA, Starbucks Australia and Norwood Industries, as part of their efforts towards reducing the waste generated by businesses through informed packaging and product decisions.
“We’re in the midst of a plastic crisis, and recycling alone cannot solve it,” Elliot Costello, Co-founder and CEO of Phantm, commented. “The market has been demanding alternatives, and it’s time to embrace the range of different materials that can replace petrochemical plastics so that we can finally turn virgin plastic off at the tap. The enthusiasm from investors across the country is really exciting and shows the dedication to deplastifying Australian businesses.”
It has been reported that the plastic industry’s value exceeds US$600 billion and consumption could nearly double by 2050 unless urgent action is taken. Globally, only nine per cent of plastics are recycled, with contamination and mixed plastics often hampering any recycling potential. This is in addition to the reduced quality when recycling plastics, which not only restricts reusability but also incurs higher costs compared to producing new virgin plastic.
These economic factors, infrastructure limitations, and diverse regulations have made recycling challenging. As such, the emergence of natural materials (such as seaweed, fungi, cellulose, pulp, and PHA-based materials) makes for a compelling alternative to tap into.
Edward Whitehead, Phantm’s Head of Strategy and global plastics expert, explained that the organisation utilises its verified understanding to assist brands who are otherwise fearful or hesitant to navigate the complex layers involved in plastic reduction.
“We bring the expertise that helps firms pull back the layers, ensuring they’re taking the right steps towards positive change,” Whitehead said. “Businesses can’t just leapfrog into perfection, and it’s important they work transparently to improve, be better and do better.”
Though currently operating within Australia, the platform is dedicated to the global plastic crisis, with plans to expand across Asia, North America, and European markets, as part of its efforts to support regions with significant plastic consumption and limited recycling infrastructure.
