A new plastic reduction platform has secured $2 million in an oversubscribed seed round, led by Blacknova VC, Salus Ventures and CoVentures VC.
Committed to addressing waste issues and accelerating the adoption of natural materials, Phantm is already working with leading international and Australian businesses including MECCA, Starbucks Australia and Norwood Industries.
Phantm’s provides an independent pathway for businesses seeking to reduce their plastic footprint through making informed packaging and product decisions. By providing access to plastic and natural materials experts, Phantm helps businesses meet ESG goals and move towards a positive impact on people and the planet.
Its methodology – A-R-T (Assess, Reduce, Transition) – assists organisations in reducing costs and tracking their progress towards becoming plastic-free.
Phantm co-founder and CEO, Elliot Costello said, “We’re in the midst of a plastic crisis, and recycling alone cannot solve it. The market has been demanding alternatives, and it’s time to embrace the range of different materials that can replace petrochemical plastics so that we can finally turn virgin plastic off at the tap. The enthusiasm from investors across the country shows the dedication to deplastifying Australian businesses.”
The plastic industry’s value exceeds US$600 billion, and consumption could nearly double by 2050 unless urgent action is taken. Globally, only 9% of plastics are recycled, with contamination and mixed plastics often hampering recycling potential due to reduced quality, restricting reusability and incurring higher costs compared to producing new virgin plastic.
Phantm head of strategy and global plastics expert, Edward Whitehead said Phantm utilises its verified understanding to assist brands who are otherwise fearful or hesitant to navigate the complex layers involved in plastic reduction.
“We bring the expertise that helps firms pull back the layers, ensuring they’re taking the right steps towards positive change. Businesses can’t just leapfrog into perfection, and it’s important they work transparently to improve, be better and do better.”
Phantm currently operates within Australia, but has plans to expand across Asia, North America, and European markets to support regions with significant plastic consumption and limited recycling infrastructure.