INP Capital Inc. is pleased to announce that we have participated in Samsara Eco's $54M AUD Series A funding.
Samsara Eco is an Australian startup that uses enzyme-based technology to break down plastics into their molecular building blocks to produce new plastic products — which can in turn be broken down again, creating what Samsara refers to as infinite plastic recycling. The company announced today that it has raised $54 million AUD (about $34.7 million USD) in Series A funding. The company is planning to build its first plastic recycling facility in Melbourne later this year, with the target of full-scale production by 2023.
Investors in the round include Breakthrough Victoria, Temasek, Assembly Climate Capital, DCVC, and INP Capital Inc. Existing investors like deep-tech fund Main Sequence, Woolworths Group’s W23, and Clean Energy Finance Corporation (CEFC) also participated.
Samsara’s new funding will be used for expansion, building its library of plastic-eating enzymes and funding its first commercial facility, which it says will be able to infinitely recycle 20,000 tons of plastic starting in 2024. It will also grow its engineering team and expand operations into Europe and North America.
CEO and founder Paul Riley said that since March, when Samsara’s previous round of funding was announced, it’s been focused on expanding its enzyme library, which is now capable of depolymerizing several different types of plastic. Its also worked with partners to develop market solutions using Samsara’s plastic-recycling tech.
Samsara’s tech is capable of breaking down plastic into its core molecules in minutes, regardless of color, type and state, said Riley. Its Melbourne facility will first recycle PET plastic and polyester, which Riley says accounts for about a fifth of plastic created annually. Its long-term mission is to recycle mixed bale plastics and advance its tech to the point where every kind of plastic can be infinitely recycled.
Samsara is also preparing for the launch of its first enzymatically recycled packaging, in partnership with Woolworths Group. The packaging will be on shelves in Woolworths’ supermarkets next year, moving the company toward its goal of recycling 1.5 million tons of plastic per year by 2030. Woolworths Group has committed to turning the first 5,000 tons of recycled Samsara plastic into packaging for its branded products, like vegetables and bakery trays.