Samsara Eco, the environmental technology company, has successfully secured USD65 million in its latest funding round, marking a significant milestone in its mission to eradicate plastic waste.
Earlier this year, Samsara Eco unveiled the world’s first enzymatically recycled nylon product and Lululemon’s first product made from enzymatically recycled polyester.
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Through its enzymatic recycling methods, Samsara Eco has developed a revolutionary approach to break down plastic into its fundamental molecules, which can then be used to create brand-new plastic for bottles or clothing.
The funding round was led by global investment firm Temasek and Australian deep tech investment fund Main Sequence.
Additionally, a group of both new and existing supporters, including Wollemi Capital, Lululemon, Hitachi Ventures, Titanium Ventures (formerly Telstra Ventures), and DCVC, joined in backing Samsara Eco’s vision to eliminate plastic waste and prevent it from ending up in landfills or being incinerated.
The newly acquired capital will play a vital role in expanding Samsara Eco’s enzymatic recycling capabilities, with plans to construct new commercial facilities in South East Asia within the next few years.
These facilities will be dedicated to recycling millions of tons of plastic waste, such as discarded textiles and packaging, and transforming them into tens of thousands of tons of monomers, the building blocks of plastics.
Since its inception in 2020, Samsara Eco has pioneered groundbreaking advancements in infinite recycling, revolutionizing the recycling of various plastics, including nylon 6,6 and polyester. Earlier this year, the company collaborated with its first textile partner to unveil the world’s first enzymatically recycled nylon 6,6 product, and it also played a pivotal role in introducing lululemon’s first product made from enzymatically recycled polyester.
Samsara Eco’s patented recycling technology, EosEco™, harnesses the power of biophysics, chemistry, biology, and computer science, including artificial intelligence, to create a range of plastic-eating enzymes. These enzymes effectively break down plastic waste, such as textiles made from nylon and polyester, into raw materials that seamlessly integrate into existing manufacturing processes to produce new, sustainable products.
The company’s ambitious plans extend beyond its current achievements, as Samsara Eco aims to scale its technologies to enable the infinite recycling of all forms of plastic. These recycled plastics can then be incorporated into various supply chains across sectors such as automotive, electronics, and consumer packaged goods.
The latest funding round builds upon Samsara Eco’s earlier success in securing USD37 million) in its Series A funding round in 2022, which served as a catalyst for its rapid growth. Samsara Eco’s initial proof of concept facility continues to operate in Mitchell, ACT, Australia, while construction of its new innovation campus in Jerrabomberra, NSW, Australia, is currently underway. This upcoming campus will provide additional facilities for global brands to collaborate, test, and innovate alongside Samsara Eco.
“Plastics have been an environmental disaster with almost every piece of the 9 billion tonnes ever made still on the planet. But almost all plastic is reusable and recyclable with the right technology. We’re on a mission to end plastic waste and with it, repair our climate, said Paul Riley, CEO and founder of Samsara Eco.
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“The ability to infinitely recycle plastic in an environmentally friendly way is a game changer for brands and our planet. Our enzymatic recycling technology makes it easy for brands in almost every industry to meet their sustainability and decarbonization goals by creating a circular loop for plastics. We’ve already made significant traction in the textile space but this is just the beginning.”