Novoloop, which repurposes hard-to-recycle plastics using its proprietary Lifecycling chemical recycling technology, announced that it has closed its Series B funding round, led by Taranis.
The company noted in a media release that it would use the “investment to accelerate the company’s commercial scale-up of its proprietary Lifecycling technology, which transforms post-consumer polyethylene into high-performance polyol and polyurethane and supports the launch of key customer programs.”
The company also noted that this latest funding round brings Novoloop’s total capital raised to over $50 million.
With continued backing from existing investor Valo Ventures, the round also welcomed new investment from Shop Limited, the Family Office of the Bata Shoe Company.
“We are thrilled to partner with Taranis, whose deep commitment to plastic circularity and industrial decarbonization aligns with our ambition to scale Lifecycling globally. This round positions us to meet growing demand from a wider supply chain seeking circular and cost-competitive polyurethanes through the industrial scale-up of our first-of-a-kind technology,” said Miranda Wang, CEO and co-founder, Novoloop, pictured above left.
“Taranis brings deep operational and technical expertise in scaling pioneering industrial technologies and solutions that enable the circular transformation of hard-to-abate sectors,” the company said in a media statement.”
David Sorin, managing director of Taranis, pictured above right, said the “Novoloop technology fits within his firm’s mission to decarbonize heavy industries and scale circular infrastructure.”
“We are proud to back the team in building a more circular, low-carbon plastics economy,” he offered. “As the world looks to decarbonize materials and eliminate waste, Novoloop offers a breakthrough solution for upcycling polyethylene, one of the hardest plastics to recycle.”
In 2022, Novoloop partnered with On Holding to produce an outsole for the brand’s Cloudprime shoe from upcycled thermoplastic polyurethane.
Novoloop repurposes low-value plastic waste into chemicals and materials. Its first product, Oistre, is a thermoplastic polyurethane (TPU) material for use in shoes, apparel, sporting goods, electronics, and cars.
In June 2022, TechCrunch also reported that Novoloop had raised a $10 million Series A extension round led by Taizo Son’s Mistletoe and Hanwha Solutions and joined by SOSV, Valo Ventures, Drive Catalyst, Alante Capital, and S Cap. The extension raised Series A to $21 million, bringing the total funding to $24 million at that time.
“Our TPU has performed so well in the test that On felt confident enough to put it on the Cloudprime for the [Elemental Excelerator event] reveal,” Wang told TechCrunch. “But furthermore, we’re working together on all of the scales of planning to get our TPU into their shoe for mass production.”
Images courtesy Novoloop, On Running
