- Posted by Gus Mank
- On March 21, 2015
- 0 Comments
Winter Park-based US Bioplastics plans to hire about 10 people over two years with new angel funding, CEO Lee Strait said.
he company is using a process licensed from the University of Florida to create plastic material from paper waste and farm products like corn stalks and sugarcane fiber.
“We are planning to hire one or two people this year and up to ten more next year,” Strait said.
The new funding came from two undisclosed angel investors and the non-profit Florida Institute for Commercialization of Public Research. Strait declined to disclose what the angel investment amount was, saying only that it was six figures.
The institute provides up to $300,000 to select new companies; the exact amount of its loan to US Bioplastics wasn’t disclosed.
The company’s main product is Gatoresin, a renewable, water-degradable plastic designed for use in disposable products like packaging and bags. It will be offered for sale to processors and product manufacturers. Such plastic is typically made with oil-derived plastic.
Strait said he intends to ramp up to full production in 2016. He said he is currently negotiating with an agriculture company for space for a production facility.