24 Apr 2023
Oversubscribed Pre-Series A round successfully closed
Descycle (or “the Company”), is pleased to announce that it has successfully closed an upsized and oversubscribed Pre-Series A funding round (the “Funding Round”).
£4.85m Funding Round led by UK Venture Capital group TSP Ventures;
The Funding Round received investment from notable US and UK Venture Capital funds including Deep Future, Kero Development Partners and Green Angel Syndicate;
The round was further supported by several senior resource industry executives including Mark Cutifani (former CEO, Anglo American) and Stephen McIntosh (former Head of Innovation, Rio Tinto);
The Centre for Process Innovation (CPI), a UK Technology Innovation Centre specialised in commercialising early-stage technologies, and Descycle’s technical partner, also participated in the Funding Round;
Descycle is fully funded to advance commercialisation, delivering: a lab pilot, a completed 18-month technical study and the design of a large-scale pilot plant;
In addition, Descycle and its CTO, Dr Rob Harris, secured a £1 million grant from the UK Government.
DES is a new and innovative class of chemistry, with unique properties that enable a tailorable method for the recycling and recovery of valuable metals, at low cost and zero emissions. DES has the potential to disrupt the metals industry and solve some of the world’s most pressing resource issues; including low-emission recycling and unlocking new supplies of critical minerals. The capital raised in the Funding Round will be deployed to accelerate commercialisation, whilst the UK government grant will fund further research and development.
Leo Howden, Descycle Managing Director commented:
“2023 will be an incredibly important year for Descycle, seeing major milestones achieved and significant commercial advancements. We are delighted with the level of interest this Funding Round has generated, which includes highly credible investors from some of the leading names in the clean tech and deep tech VC sectors and the metals industry. This shows how far our technology has come and how much potential it has as a sustainable metal recycling and recovery solution.”
“We have a unique, highly disruptive, sustainable technology, with a clear path to commercialisation. The success of the technology is underpinned by the high calibre of our team and the commitment of our investors, and we are excited for the future of the Company.”
Chris Smith, TSP Ventures CEO commented:
"We are delighted to be joining the Descycle team on their onward journey as they prove and scale their transformative technology. By enabling low cost, low carbon recovery of key metals from e-waste, Descycle are solving two major environmental problems; first, the displacement of the incumbent dirty, energy intensive processes and second, ensuring we have access to the critical metals we need to deliver the green transition. Both are crucial. Descycle has a great management team, and we look forward to helping them in any way we can as they grow the business."