Novoloop Raises $11 Million Series A

<p><strong>MENLO PARK<&sol;strong> &&num;8212&semi; Upcycling startup Novoloop has raised &dollar;11 million in Series A financing led by Envisioning Partners with participation from Valo Ventures and Bemis Associates&semi; earlier investors who joined the round included SOSV&comma; Mistletoe&comma; and TIME Ventures&period;<&sol;p>&NewLine;<p>Novoloop is pioneering the chemical transformation of plastic waste into high-performance chemicals and materials&period; The company&&num;8217&semi;s proprietary process technology&comma; ATOD &lpar;Accelerated Thermal Oxidative Decomposition&rpar;&comma; breaks down polyethylene into chemical building blocks that can be synthesized into high-value products&period; Polyethylene is the most widely used plastic today yet only 9&percnt; is recycled and virtually none is upcycled&period;<&sol;p>&NewLine;<p>&lbrack;<strong>Photo above<&sol;strong>&colon; Oistre TPU by Novoloop uses up to 50&percnt; upcycled content from post-consumer plastic waste and has a 46&percnt; smaller CO2-eq footprint than fossil fuel-derived TPU&period;&rsqb;<&sol;p>&NewLine;<p>The first product based on Novoloop&&num;8217&semi;s ATOD process is Oistre &lpar;OYST-rah&rpar;&comma; a thermoplastic polyurethane &lpar;TPU&rpar; for use in high-performance applications such as footwear&comma; apparel&comma; sporting goods&comma; automotive&comma; and electronics&period; Oistre is the first TPU made from post-consumer polyethylene waste that matches the performance characteristics of virgin TPUs made from petrochemicals&period; At the same time&comma; Oistre&&num;8217&semi;s carbon footprint is up to 46&percnt; smaller than conventional TPUs&period;<&sol;p>&NewLine;<p>&&num;8220&semi;What really compelled us to lead the investment round is that Novoloop has found product-market fit&comma;&&num;8221&semi; said June Cha&comma; Partner of Envisioning Partners&period; &&num;8220&semi;Novoloop has proven that Oistre has a wide range of applications in the market even at their early stage&period;&&num;8221&semi;<&sol;p>&NewLine;<p>Novoloop&&num;8217&semi;s technology can upcycle carbon content found in common plastic waste like grocery bags&comma; packaging&comma; and agricultural plastics that is too low value for material recovery facilities to bale and sell&period; Instead&comma; the plastics go into landfills or incinerators today&period; Novoloop&&num;8217&semi;s ATOD technology aims to increase commercial demand for waste polyethylene&period;<&sol;p>&NewLine;<p>&&num;8220&semi;Plastics are not going away anytime soon&comma; so we need to innovate to close the gap between what is produced and what is repurposed&period; After years of technology development&comma; we&&num;8217&semi;re thrilled to announce backing by high-caliber investors and partners to commercialize this much-needed technology&comma;&&num;8221&semi; said Novoloop Co-founder and CEO Miranda Wang&period;<&sol;p>&NewLine;<p>&&num;8220&semi;With this funding&comma; we look forward to completing crucial pilot scale-ups and commercializing our process technology to make a lasting impact&period; Our team is excited to lead the circular economy revolution for plastics&comma;&&num;8221&semi; said Novoloop Co-founder and COO Jeanny Yao&period;<&sol;p>&NewLine;<p>Novoloop is also announcing the company&&num;8217&semi;s new partnership with Bemis Associates&comma; the leader in apparel bonding solutions such as seam tapes&comma; which can be found in high performance outerwear&period; Together&comma; the companies will introduce Oistre into the Bemis product portfolio as a first step to replace virgin petroleum-based thermoplastic polyurethane&period;<&sol;p>&NewLine;<p>&&num;8220&semi;We are extremely excited to partner with Novoloop&comma;&&num;8221&semi; said Bemis Director of Sustainability Ben Howard&period; &&num;8220&semi;Novoloop&&num;8217&semi;s technology is a major breakthrough for our supply chain&period; Scaling it will be a huge step in shifting away from virgin petroleum sources and reducing our products&&num;8217&semi; carbon footprints&&num;8221&semi;&period;<&sol;p>&NewLine;