Samsara Eco, an Australian startup specializing in fossil-free polymer resins, secured a substantial $65 million equity funding round on Wednesday, June 26. Co-led by Temasek and Main Sequence, the investment brings Samsara’s total funding to $105 million since its inception in 2020.
The funds will support Samsara’s mission to replace plastic packaging with sustainable alternatives and expand its operations globally.
The startup, founded in collaboration with the Australian National University, Woolworths, and Main Sequence Ventures, focuses on developing biological catalysts to revolutionize plastic recycling.
Samsara’s CEO, Paul Riley, highlighted that their patented EosEco technology allows for the recycling of complex materials like nylon 6,6, which is commonly used in textiles and plastics. This advancement, coupled with their partnership with Lululemon, demonstrates significant progress in sustainable fashion and circularity.
Samsara’s Expansion Plans
Samsara’s new facilities in Jerrabomberra, New South Wales, are under construction and will enable global brands to test and create sustainable products. The company plans to expand its team in North America and open its first facility on the continent. The new capital will also be used to establish additional facilities in Southeast Asia over the next few years, targeting the region where many manufacturing brands operate.
Addressing Traditional Recycling Limitations
Samsara’s innovative technology also addresses the limitations of traditional plastic recycling, which often results in downcycled products. By focusing on maintaining the structural integrity of recycled materials, Samsara aims to prevent plastics from ending up in landfills or oceans. Riley emphasized that their method is less carbon-intensive than chemical recycling processes, making it a more environmentally friendly option.
The latest funding round underscores the strong demand from the apparel and consumer packaged goods industries, with plans to expand into the automotive and electronics sectors. Samsara aims to recycle 1.5 million tonnes of plastic annually by 2030, significantly reducing carbon emissions.
With a current team of 60 staff across Australia and North America, the startup plans to grow its workforce to 90 by 2025, enhancing its capabilities to meet the rising demand for sustainable solutions.
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