BASF Venture Capital GmbH (BVC), the corporate venture company of BASF Group, announced an investment in Oceanworks, a sustainable plastic solutions provider that brings traceability and transparency through digitalization to recycled plastics. Oceanworks is based in the U.S. and offers a powerful platform for brands looking to reliably secure high-quality sources of ocean, ocean-bound and averted post-consumer recycled plastic.

Oceanworks, with its global marketplace for recycled plastic materials and products offers a solution. The company makes it easy for buyers to source recycled plastics likely to add to the 11 MMtpy of plastic flowing into the ocean. Digitized blockchain-based traceability, material quality assurance, global logistics and marketing support are part of Oceanworks’ offer for its customers and their partners.

BASF Venture Capital’s investment comes as a part of Oceanworks' Series Seed financing, enabling the company to accelerate the development of its sourcing engine and track-and-trace verification for recycled ocean plastic. The parties have agreed not to disclose the financial details of the investment.

“Oceanworks’ traceability tools add real value to reducing plastic waste,” said Markus Solibieda, Managing Director of BASF Venture Capital. “With this investment and the collaboration with Oceanworks, we support BASF's goal of providing its customers with sustainable solutions to further improve the production, use and recycling of plastics.”

BASF and Oceanworks are now examining how they can join forces to promote the development of technologies that accelerate plastics recycling and bring these new traceable ocean plastic materials to global customers.

“Oceanworks is excited to partner with BASF to propel the growth of our new business model for responsible plastic sourcing backed by real-time, digitized shore-to-shelf traceability,” said Vanessa Coleman, CEO Oceanworks. “We look forward to accelerating the reclamation of ocean plastic waste to fuel the circular economy.”