Biotechnology company closed investment round for US$30 million

The startup BioElements, a biotechnology and circular economy company that produces sustainable bioplastic for packaging, films and bags, achieved a successful start to the year after closing an investment round of US$30 million from Investment Banking BTG Pactual ESG Impact Fund.

The capital will be used to grow the company in Latin America, focusing on Brazil and Mexico and later on the United States. At the same time, it will strengthen its area of ​​research and development of new products to maintain its leadership.

In this way, BioElements completed its first round of capital raising since its inception in Chile (2014), with which it hopes this year to fulfill its expansion plan of up to 83% at the regional level through its business units: Solutions Mundo Retail, with a 70% share in sales; Mundo Industrial, with a 27% share as keys to achieving its ambitious goal. The remaining 3% correspond to Mundo Agro, among others.

Seeks to double sales in Peru this 2023

To achieve the 83% growth target in Latin America, the Peruvian headquarters of BioElements announced that it seeks to double its turnover this 2023, focusing on the development of its Retail business unit and replicating its regional business strategy in Peru.

Likewise, the company decided to bet on Peru due to the validity of Law 30884 —which regulates single-use plastic and disposable containers or containers—, a norm that governs BioElements products as they are biodegradable and compostable.

In Peru, BioElements has as clients the Intercorp Retail group (Plaza Vea, Mass, Vivanda, Inkafarma, Mifarma, Promart, Agora), as well as Lindcorp and the Tambo brand, the Falabella group, and Adidas.

BioElements operations in Peru began in 2018, and in 2019 they were deployed to the Mexican market. In 2022, the company opened offices in Brazil and Colombia, giving rise to the next step, entering the USA as the last leading country in the American market.