Chong Xin Wei · · 2 min readSamsara Eco bags $65m to set up recycling facilities across SEA
Samsara Eco founder and CEO Paul Riley / Photo credit: Samsara Eco
Envirotech startup Samsara Eco has bagged US$65 million in a series A+ funding round led by Temasek and Main Sequence, an Australia-based deeptech investment fund.
The round was also supported by Wollemi Capital, Lululemon Athletica, Hitachi Ventures, DCVC, and Titanium Ventures. It adds to the US$37 million Samsara Eco raised in its series A round in 2022.
Samsara Eco said that the fresh funds will facilitate the construction of new commercial recycling facilities in Southeast Asia over the next few years. It will also enable the company to grow its global team of chemists, engineers and technicians, as well as expand its library of plastic-eating enzymes.
Launched in 2020, the Australia-based company has developed EosEco, a patented technology that creates enzymes that can continually recycle plastic waste.
The enzymes break down plastic waste, such as textiles made from nylon and polyester, into raw materials that are then used to make new products.
“EosEco reduces the end-to-end recycling time, while also operating at a lower temperature and pressure to ultimately reduce waste and carbon emissions,” said Paul Riley, founder and CEO of Samsara Eco.
The company also said that it plans to scale its technologies to infinitely recycle all forms of plastics, which can be used within existing cross-sector supply chains ranging from automotive to consumer packaged goods.
“Our enzymatic recycling technology makes it easy for brands in almost every industry to meet their sustainability and decarbonization goals by creating a circular loop for plastics,” Riley added.
The company has made progress in the textile industry, following its partnership with premium sportswear brand Lululemon to launch a jacket made from enzymatically recycled polyester.
See also: Malaysian startup collects profits from e-waste recycling
This story was republished with permission from The Business Times. It was moderately edited to reflect Tech in Asia’s editorial guidelines.
Editing by Lorenzo Kyle Subido
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