I-Foria Italia, a start-up specialising in the recycling of personal absorbent product (PAP) waste, announces that it has completed a seed investment round worth EUR 1.7 million. The deal is led by Tech4Planet, the National Technology Transfer Pole for Environmental Sustainability promoted by CDP Venture Capital, and Mito Tech Ventures, an art. 9 SFDR venture capital fund launched by Mito Technology.
I-Foria Italia has developed and patented a revolutionary technology with which it will be possible to recycle up to 100% of the waste from personal absorbent products (PAP), such as nappies and similar products, transforming them into secondary raw materials (absorbent material and plastic) that can be reintegrated into new production cycles, contributing to the creation of a true circular economy. The process not only complies with the most stringent safety criteria, but also offers a concrete solution to reduce the huge amount of PAP waste that currently represents a serious environmental problem for all countries.
Globally, 30 million tonnes of PAP waste are produced each year, the equivalent of an unbroken line of lorries from Lisbon to Tokyo. In Europe, the quantity amounts to 8.5 million tonnes, and in Italy to 900,000 tonnes, according to a company note, an amount sufficient to fill three landfills each year.
With the spread of separate collection of PAP, which already serves 18 million Italian citizens, a dedicated PNRR intervention line (M2C1.1 I1.1 Line C) and the issuance of the first EoW (end-of-waste) Decree for PAP waste, Italy is at the forefront of sustainable management of this waste. I-Foria Italia is proposed as the key technological solution to tackle this environmental emergency, providing an effective and sustainable response.
The investment round concluded by Tech4Planet and Mito Tech Ventures will be used for the validation of the technology and the industrial-scale implementation of the first plants in Italy.
“We immediately believed in the potential for innovation introduced by i-Foria Italia’s patents,” comments Claudia Pingue, senior partner and head of CDP Venture Capital’s Technology Transfer fund. “We are convinced that these types of solutions can represent an important step forward in the development of a circular economy, even in relation to waste products that have so far never been recovered. Tech4Planet’s mission is to support innovative realities that can transform traditional industries with a strong element of environmental sustainability, and i-Foria Italia is an example of how research and technological development can generate concrete value for the market and society’.
“The solution to the environmental and economic problem represented by waste from personal absorbent products has always been the goal for us. The decision to support this vision by institutional investors of this magnitude is for us a source of pride and the realisation of a dream. It shows that the country system has the tools, skills and will to accept and win the challenge of ecological transition through innovative solutions. The support of Tech4Planet and Mito Tech Ventures is fundamental to give a strong impetus to i-Foria Italia’s growth in Italy and in international markets. We will continue to invest in research and strengthen industrial activities and business development, says Marcello Somma, founder and CEO of i-Foria Italia (pictured with team and investors).
“As the first investment of our new fund Mito Tech Ventures, the technology and the team of i-Foria Italia reassure us that we are on the right track with respect to the objectives of contributing positively to the circular economy and the recovery of raw materials, ensuring multiples for the investment and the simultaneous pursuit of environmental interest objectives, as the nature of the fund according to Article 9 of the SFDR regulation requires,” adds Francesco De Michelis, CEO of Mito Technology.
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