Australian enviro-tech company Samsara Eco has announced successful Series A+ funding of A$100m ($65m) to scale its enzymatic plastic recycling solution.
The capital will support the construction of new commercial facilities in southeast Asia which will recycle millions of tonnes of plastic waste, including discarded packaging, to produce tens of thousands of tonnes of monomers (the molecular building blocks of plastics). These will then be turned into new products.
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By GlobalDataSamsara Eco will scale up its global team of chemists, engineers and technicians, as well as increase its library of plastic-eating enzymes.
The company’s patented recycling technology EosEco creates enzymes that break down plastic waste into raw materials.
Samsara Eco founder and CEO Paul Riley explained: “EosEco reduces the end-to-end recycling time, while also operating at a lower temperature and pressure to ultimately reduce waste and carbon emissions. We are solving the circularity piece of the puzzle for all plastics.”
The latest funding was led by global investment company Temasek and Australian deep tech investment fund Main Sequence, as well as a cohort of new and existing backers including lululemon and Hitachi Ventures.
The latest injection builds upon Samsara Eco’s A$56m Series A funding in 2022.
Construction is currently underway on the company’s innovation campus in Jerrabomberra, New South Wales. It will provide additional facilities for global brands to partner, test and create with Samsara Eco.
