Disrupting the clothing industry? An Australian plastic recycling startup company supported by lululemon completed more than 400 million yuan A+ round of financing

Environmental technology innovation company Samsara Eco has announced that it has raised $65 million in its latest funding round, led by global investment firm Temasek and Australian Deep Tech investment fund Main Sequence, as well as a group of new and existing backers. Including Wollemi Capital, lululemon, Hitachi Ventures, Titanium Ventures (formerly Telstra Ventures) and DCVC, the funding brings Samsara Eco one step closer to eliminating plastic waste, And make sure it's never landfill or incinerated again.

The capital will help Samsara Eco expand its enzyme recycling capabilities to build new commercial facilities in Southeast Asia in the coming years. These facilities will recycle millions of tons of plastic waste, such as discarded textiles and packaging, to produce tens of thousands of tons of monomers (the molecular building blocks of plastics), which will be converted into entirely new products, forming a true recycling loop.

The company will also expand its global team of chemists, engineers and technicians and expand its library of plastic-eating enzymes.

"Plastic is an environmental disaster, with almost every single piece of the 9 billion tons of plastic ever produced on Earth remaining on the planet. However, with the right technology, almost all plastic can be reused and recycled. Paul Riley, CEO and founder of Samsara Eco, said: "Our mission is to end plastic waste and, in doing so, fix our climate. The ability to recycle plastic indefinitely in an environmentally friendly way is a game changer for brands and our planet. Our enzyme recycling technology makes it easy for brands in almost every industry to achieve sustainability and decarbonization goals by creating a circular loop for plastics. We have made significant progress in the textile sector, but this is just the beginning."

Since its launch in 2020, Samsara Eco has led the world's first innovation in unlimited recycling, pioneering the recycling of plastics including nylon 6,6 and polyester. Earlier this year, Samsara Eco, in collaboration with its first textile partner, launched the world's first enzyme-recovered nylon 6,6 product and helped launch lululemon's first product made from enzyme-recovered polyester.

Samsara Eco's patented recycling technology, EosEco, combines biophysics, chemistry, biology, and computer science (such as artificial intelligence) to create a family of plastic-eating enzymes. This enzyme breaks down plastic waste, such as textiles made from nylon and polyester, into raw materials, which are then seamlessly integrated into existing manufacturing processes to make new products.
Samsara Eco plans to scale up its technology for unlimited recycling of all forms of plastic that can be used in existing cross-sector supply chains such as automotive, electronics and consumer goods.
"We are creating an unprecedented infinite loop process that is truly better for our planet." EosEco reduces end-to-end recovery times while operating at lower temperatures and pressures, ultimately reducing waste and carbon emissions. By solving the circular puzzle of all plastics, we have the potential to imagine a more sustainable future, "Riley added.
Phil Morle, Partner at Main Sequence, commented: "Samsara Eco shows how science can provide real solutions to huge problems - in this case, the accumulation of plastic waste and the ongoing need to produce new plastics from fossil fuels. Deep Tech Ventures provide a fast path to market for this science, helping to accelerate effective change in the world. We are firm believers in this mission and in reincarnation. The team has already made significant progress in eliminating textile waste, which is critical to creating a more sustainable future. As the company continues to scale, we are proud to support it once again."
The latest funding builds on Samsara Eco's $37 million Series A funding round in 2022, which underpins its growth. The company's first proof-of-concept facility continues to operate in Mitchell, Australia, and Samsara Eco's new innovation campus in Jerrabomberra, New South Wales, Australia, is under construction. The campus will provide more facilities for global brands to collaborate, test and create with Samsara Eco.