Singapore biotech startup nets $22m to scale alternative plastic production

Singapore’s biotech startup RWDC Industries raised US$22 million in an oversubscribed series A3 round led by Vickers Venture Partners, along with its first US-based institutional investor Eversource Retirement Plan Master Trust.

The funding, which followed RWDC’s previous fundraise of US$13 million through a Series A2 round, included participation from previous investors such as the WI Harper Group, according to a statement.

From left: RWDC chief commercial officer Blake Lindsey, Vickers associate director Kenneth Chew, Vickers director Lin Xinhong,
Vickers chairman Finian Tan, RWDC CEO Daniel Carraway, Fiona Tan, RWDC President (North America) Ryan Adolphson / Photo credit: RWDC Industries

RWDC, which develops alternative biopolymer material solutions, plans to use the fresh funds to “significantly” increase its PHA (polyhydroxyalkanoate) production capacity in Georgia, USA. The company uses PHA, a naturally-occurring polymer, as a replacement for current single-use plastic materials. It is also set to make its first commercial batch of PHA straws available for purchase sometime this year.

“The world finally recognizes the urgent need to build a green and sustainable future. Plastic waste pollution in our oceans is a real threat to societies and global growth,” WI Harper Group Chairman Peter Liu noted.