Advanced upcycling company Novoloop expanded its Series A round to $21 million through an oversubscribed extension led by Mistletoe Singapore and Hanwha Solutions. This nearly doubles the company’s raise of $11 million announced in February.
The round’s investors include Valo Ventures, a publicly-listed clean energy and resource efficiency solution provider headquartered in Finland; SOSV, which specializes in climate tech investing; Drive Catalyst, the corporate venture arm of the Far Eastern Group, a player in the polyester and textile industries and PET recycling headquartered in Taiwan; and Alante Capital and S CAP, both climate investors focused on deep tech.
Novoloop uses its proprietary ATOD technology to make performance chemicals and materials from polyethylene, which is the most commonly used yet least recycled plastic. The company claims its first product, Oistre is the world’s only thermoplastic polyurethane (TPU) made from post-consumer waste that matches the performance of TPUs derived from petrochemicals.
Novoloop will use the capital to develop industrial capabilities. Key initiatives include scaling up pilot production to make Oistre more readily available for customers in footwear, apparel, sporting goods, automotive, and electronics. It will also set up a feedstock pretreatment unit to assess the quality of post-consumer plastic waste from material recovery sources.
Other Series A investors announced earlier this year include Envisioning Partners, Bemis Associates, and TIME Ventures.
