Novoloop secures $21M Series A to expand TPU production from post-consumer waste

The oversubscription was nearly double the $11 million initial funding announced in February
.
The first round of funding was led by Envisioning Partners
.

Miranda Wang, CEO of Novoloop, said: “This funding round brings together mission-driven financial investors and industry strategists who believe in our vision for a circular economy for plastics
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We are excited to leverage their resources and markets around the world by leveraging their channel to turn this vision into reality
.
”

Investors in this round include investors from the decarbonized energy, textile and construction sectors from Europe, Asia and the US
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In addition to Mistletoe in Singapore, investors include: Valo Ventures in Finland, SOSV in New Jersey, Drive Catalyst in Taiwan, Alante Capital in Santa Barbara, California, and S Cap in New York
.

Mistletoe founder Taizo Son said: "Leading this funding round is obvious
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After seeing Novoloop emerge from R&D (research and development) with a product that solves a real-world problem, Mistletoe has a financial and environmental impact on the company that will be created.
Have firm confidence
.
"

Son added: "We're already looking at how to amplify this impact where it's really needed, like in Asian countries, where economies are growing fast and waste is a big problem
.
"

Novoloop utilizes its ATOD technology to manufacture high-performance chemicals and materials from polyethylene (PE), a commonly used but infrequently recycled plastic
.
The company says its first product, Oistre, is the world's only thermoplastic polyurethane (TPU) made from post-consumer (PCR) waste and has performance comparable to TPU made from petrochemicals
.

The company will use the funding to begin developing industrial capacity, with key initiatives including scaling up pilot production to make Oistre more accessible to customers, and will also build a feedstock pretreatment unit to assess the quality of PCR waste from material recycling sources
.

A spokesman for Hanwha Solutions said: "Novoloop's technology is solid and unique
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We look forward to working with Novoloop to increase the carbon content of waste and promote a circular economy
.
"