VEnvirotech completes a EUR 2 million round for building a production plant.

VEnvirotech, a Barcelona, Spain-based producer of biodegradable bioplastic from organic waste, announced that it closed an investment round of more than 2 million euros ($2.3M).

Most of the money was contributed by the family office of the Gassó family (former owners of Gaes). The funding will be used for the development of a 3,100 square meter production plant in Santa Perpètua de la Mogoda, in the province of Barcelona.

VEnvirotech, founded in 2017 at the Yuzz entrepreneurship program by Patricia Aymà and Noelia Márquez, manufactures and assembles a so-called VE-box, a portable waste management device sold to companies looking for managing organic waste. At the same time, the company produces 100% biodegradable bioplastic, on an industrial scale.

Prior to this round, VEnvirotech raised €250k in angel investment in 2018 and and has received a €226k grant from the European LIFE program.