Phantm, a plastic reduction platform that wants to address plastic waste and promote the adoption of natural materials, has successfully secured $2 million in a seed round led by Blacknova VC and CoVentures VC.
CEO and co-founder Elliot Costello said Phantm’s primary objective was to provide an independent pathway for businesses seeking to reduce their plastic footprint through making informed packaging and product decisions.
Costello said the company’s methodology, known as A-R-T (Assess, Reduce, Transition), assists firms in reducing costs and tracking their progress towards becoming plastic-free.
“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 is really exciting.
“The plastic industry's value exceeds $600 billion USD and consumption could nearly double by 2050 unless urgent action is taken. Globally, only 9 per cent of plastics are recycled, with contamination and mixed plastics often hampering any recycling potential. This is in addition to the reduced quality when recycling plastics, which not only restricts reusability but also incurs higher costs compared to producing new virgin plastic,” said Costello.
Phantm is currently working with Starbucks Australia and Norwood Industries, and says it will provide access to plastic and natural materials experts, assisting businesses to meet their ESG goals, and move towards a positive impact on people and planet.
A spokesperson for Phantm said food and beverage businesses would have access to an independent and verified guide to making informed packaging and product decisions through the platform.
“There is a lot of confusion in the food and beverage packaging space right now. Many plastics being used cannot be recycled, composting infrastructure is lacking, and there have been issues with contaminants such as PFAs.”
In regards to how a platform like Phantm could impact the food and drink sector, the spokesperson said, businesses using the Phantm platform could measure and track the impact of their packaging and products, manage commercial risks and navigate impending tax and regulatory requirements.
“Once an assessment of their products has been done, the platform provides access to guidance from industry-leading plastic and natural materials experts to help them reduce material usage and minimise environmental impact. All while providing evidence and comprehensive reporting of these efforts, and at all times ensuring customer trust and brand integrity,” the spokesperson said.
Phantm head of strategy Edward Whitehead said these economic factors, infrastructure limitations, and diverse regulations make recycling challenging, which makes the increasing emergence of natural materials a compelling alternative to tap into.
“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, however it's important they work transparently to improve, be better and do better,” said Whitehead.
Currently operating within Australia, the platform aims to tackle the global plastic crisis, with plans to expand across Asia, North America, and European markets.
