The private venture capital company Easo Ventures has led this round.
The Navarran company of circular economy Plastic Repair System 2011 SL, specialist in the repair of returnable transport packaging (RTP), such as pallets, boxes or containers, used by the industrial sector has closed its financing round of € 1.5M . The venture capital company Easo Ventures has led this round, whose main objective is to promote the international expansion of PRS and the development of strategic R&D projects. The founding partners of PRS, as well as the National Innovation Company ENISA, have also accompanied the financing round.
Plastic Repair, which has developed and patented its own welding repair method for objects made of plastic, has been working on the internationalization process for more than 2 years in response to its scalability strategy and the interest shown in this regard by some of its multinational clients such as CHEP or Crown Holdings Inc. PRS will begin its internationalization process this year with the opening of a first subsidiary in Puebla, Mexico. This headquarters will become the operational headquarters of the country, where in the future it is planned to create a network of workshops with a structure similar to the one currently existing in Spain.
Parallel to the internationalization plan, PRS is developing different R&D projects, aimed at automating certain processes, with the aim of standardizing results, optimizing times and reducing production costs.
RECYCLING IS 187 TIMES MORE POLLUTANT THAN REPAIRING
PRS is a circular economy company and thanks to its repair service it achieves the recovery of 100% of the functionality of the repaired object, an economic saving of 70% and a CO2 emission 187 times lower than the next best alternative to repair, which would be the recycling of the RTPs and their subsequent replacement.
In 2018 alone, PRS repaired more than 100,000 plastic packaging, which represents a reuse of more than 1,575 tons of plastic. By avoiding the disposal and replacement of these products, PRS achieved a retention of more than 6,917 tons of CO2 that would have emitted other alternative solutions to repair, such as recycling, incineration or burial.
Plastic Repair System 2011 S.L. is a pioneering company with 8 years of experience in the repair of goods made of plastic. It has a network of 20 workshops in Spain of which 6 are Special Employment Centers.
In 2018 PRS received from the Ministry of the Environment the European Business Environment Award (EBAE) in Spain, as well as a Second Prize in the European Phase. The EBAE represent the highest distinction, both at national and European level, in environmental matters.
In 2019 it received the Innovative SME Seal by the Ministry of Industry, Commerce and Tourism and in 2018, after being recognized with the EC Seal of Excellence within the H2020 program, PRS managed to pass Phase I of the SME Instrument Project of the European Comission. Also in 2019 it has obtained the Seal of Excellence in Phase II and the objective of PRS is to successfully overcome it again in this same year.
EASO VENTURES, THE FIRST PRIVATE VENTURE CAPITAL COMPANY IN THE BASQUE COUNTRY
Easo Ventures is an Investment and Support vehicle for SMEs, mainly in the Basque Country, with a clear growth project: new markets, new technologies, new ambitions.
Easo Ventures has a participation of about 100 investors, who have also committed to supporting the companies in which they invest with their experience and knowledge.
With this operation, Easo Ventures makes its first investment in a circular economy company. [:]