Hanh Do believes this is the “golden time” to start a company to fight plastic pollution, which has become one of the biggest global crises.
“Governments around the world are issuing bans on single-use plastics and mandating a shift to bioplastics and recycled plastics,” she told. “Most major corporates are also phasing out plastics in their supply chains.”
Last year, Do left her corporate job to found Buyo, which aims to convert biowaste and plant-based materials into biodegradable plastics.
While most bioplastic firms use starch, Buyo said its proprietary tech converts biowaste from agriculture and food materials into bioplastic, which simultaneously helps eliminate greenhouse gas emissions and water contamination.
The startup has recently raised an undisclosed amount of pre-seed funding in a round led by Singapore-based family office Aldebaran Capital.
Do said the new funding will be used to build a pilot scale production site in Vietnam first before targeting markets in Europe and North America. The company has also filed a patent and is working to obtain international testing certificates.
Buyo said that its biodegradable plastics leave no traces in the environment. In contrast, it could take 500 years or more for plastic bags to be degraded in a landfill.
In the first stage, Buyo aims to supply the material to be used in flexible packaging such as edible food wrapping. Other applications in the cosmetic, medical, and textile industries are also in the pipeline.
The startup also plans to kick off its next fundraising round by the second quarter of 2024.
