Recycling innovator Samsara Eco has secured $100 million in a Series A+ funding round from new and existing investors to scale its enzymatic recycling capabilities. This technology aims to recycle millions of tonnes of plastic waste, including discarded textiles and packaging.
The funding round saw participation from 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.
Samsara Eco said the proceeds will be used to build new commercial facilities in Southeast Asia over the next few years to enhance its recycling efforts. The company plans to expand its global team of chemists, engineers, and technicians, and increase its library of plastic-eating enzymes.
Samsara Eco also plans to scale its technologies to infinitely recycle all forms of plastics, which can be used within existing cross-sector supply chains like in automotive, electronics, and consumer packaged goods.
Earlier this year, Samsara Eco partnered with lululemon to launch the first product made from enzymatically recycled polyester. The startup, launched in 2020 in partnership with the Australian National University, had previously raised $56 million in a Series A funding round in 2022 by launching its first enzymatically recycled packaging in Woolworths.
Paul Riley, CEO and founder of Samsara Eco, said, “The ability to infinitely recycle plastic in an environmentally friendly way is a game changer for brands and our planet. 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.”
“We’re creating a first-of-its-kind infinite recycling process that is genuinely better for our planet. EosEco reduces the end-to-end recycling time, while also operating at a lower temperature and pressure to ultimately reduce waste and carbon emissions. By solving the circularity piece of the puzzle for all plastics, we’re making it possible to imagine a more sustainable future,” added Riley.
