Enviro-tech startup gets US$65 million funding led by Temasek, Australian fund
This will help construction of Samsara Eco’s new commercial recycling facilities in S-E Asia over the next few years
ENVIRO-TECH startup Samsara Eco has bagged US$65 million in a Series A+ funding round led by Temasek and Australian deep tech investment fund Main Sequence.
The round was also supported by Wollemi Capital, Lululemon Athletica, Hitachi Ventures, Silicon Valley venture capital firm DCVC and Titanium Ventures which is formerly known as Telstra Ventures.
On Thursday (Jun 27), Samsara Eco said that its fresh funding will facilitate the construction of new commercial recycling facilities in South-east Asia over the next few years.
It will also enable the company to grow its global team of chemists, engineers and technicians, as well as grow its library of plastic-eating enzymes.
Launched in 2020, the Australia-based company has developed EosEco, a patented technology that creates enzymes which can continually recycle plastic waste.
The enzymes break down plastic waste, such as textiles made from nylon and polyester, into raw materials which are then used to make new products.
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Samsara Eco’s chief executive officer and founder Paul Riley said: “EosEco reduces the end-to-end recycling time, while also operating at a lower temperature and pressure to ultimately reduce waste and carbon emissions.”
The company also said that it plans to scale its technologies to infinitely recycle all forms of plastics, which can be used within existing cross-sector supply chains ranging from automotive to consumer packaged goods.
Riley added: “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.”
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The company has made progress in the textile industry, following its partnership with premium sportswear brand Lululemon to launch a jacket made from enzymatically recycled polyester.
The latest funding builds on Samsara Eco’s US$37 million Series A funding which it secured in 2022.
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