Samsara Eco raises $100m to recycle plastics
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The news: Recycling innovator Samsara Eco has raised funds from new and existing investors through a Series A+ funding round to scale its enzymatic recycling capabilities for recycling millions of tonnes of plastic waste.
The numbers: Samsara raised $100 million in the funding round. New and existing investors included Singapore’s Temasek, Australian funds Main Sequence and Titanium Ventures, leisurewear giant lululemon, Wollemi Capital, Japan’s Hitachi Ventures, and US venture capital group DCVC.
The context: Samsara said the proceeds will help scale its enzymatic recycling capabilities, with new commercial facilities to be built in Southeast Asia in the next few years to recycle millions of tonnes of plastic waste like discarded textiles and packaging.
The company will also scale-up its global team of chemists, engineers and technicians, as well as increase its library of plastic-eating enzymes.
Earlier this year, Samsara joined hands with lululemon to launch the first product made from enzymatically recycled polyester. The startup launched in 2020 in partnership with the Australian National University, and previously raised $56 million in a Series A funding round in 2022.
What they said: “The ability to infinitely recycle plastic in an environmentally friendly way is a game changer for brands and our planet," Paul Riley, CEO and founder of Samsara Eco.
"Our enzymatic recycling technology makes it easy for brands in almost every industry to meet their sustainability and decarbonisation goals by creating a circular loop for plastics. We’ve already made significant traction in the textile space but this is just the beginning."
The source: Samsara Eco
