UK biopolymer supplier Biome Bioplastics is targeting further growth with the appointment of a new managing director and new funds raised through a stock exchange placing.
The Southampton-based company, which reported a 50% increase in revenues for the first half of 2019, said its parent company Biome Technologies plc conditionally raised £1.3m (€1.45m) by way of a placing on the AIM sub-market in the London Stock Exchange.
The funds will go towards a number of projects that the company plans to scale up over the next 18 months, Biome announced 12 Sept.
In addition, Biome Bioplastics has promoted commercial director Sally Morley to the managing director position.
The appointment, said the company, will strengthen the Biome Bioplastics’ leadership team and enable other organisational changes.
“With growing interest in our bioplastic materials, these additional funds will enable our business to accelerate multiple projects to deliver on ambitious revenue growth targets, as well as invest in the research and development of the next generation of high-performance products,” said Morley commenting on the fundraising activities and future plans.
The company, according to Morley, currently has a strong focus on the US market where brand interest, volumes of scale and supportive composting infrastructure are already in place.
Biome, she added, has a pipeline of approximately 15 key development projects with customers in the US, ranging from mid-sized companies to multi-nationals.