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Samsara Eco Raises $100 Million to Expand Revolutionary Plastic Recycling Technology

Courtesy of Samara Eco
Courtesy of Samara Eco

Canberra-based startup Samsara Eco has raised $100 million in a Series A+ funding round to advance its plastic recycling technology in Asia. The startup, a collaboration between Australian National University (ANU) and Main Sequence Ventures, addresses the fact that less than 10% of plastic waste is recycled. Using enzymes, Samsara Eco breaks down waste into raw materials for infinite recycling, with a focus on the fashion industry's fiber-to-fiber recycling, currently at only 1%.

Strategic Partnerships and Investments Canadian activewear brand Lululemon, which utilizes Samsara’s recycled nylon and polyester in its clothing, invested in this latest funding round. Previous backers include Woolworths VC fund W23, the Clean Energy Finance Corporation, ANU, and Breakthrough Victoria. The Series A extension saw leadership from Main Sequence and Singapore’s Temasek, with additional funding from DCVC, Wollemi Capital, Hitachi Ventures, and Titanium Ventures.

Expansion Plans Samsara Eco aims to build a large-scale recycling plant in Southeast Asia by 2026 and a proof-of-concept facility in Canberra, alongside a $25 million R&D plant in Queanbeyan. The company plans to recycle 1.5 million tonnes of plastic annually by 2030, targeting industries such as automotive, electronics, and consumer packaged goods. Expanding its team of chemists, engineers, and technicians, and increasing its library of plastic-eating enzymes are also on the agenda.

CEO Vision Founder and CEO Paul Riley emphasizes that almost all plastic is reusable with the right technology. “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,” he said. Riley sees significant potential in the textile space, aiming to create an infinite recycling process beneficial for the planet.

Industry Impact Main Sequence partner Phil Morle highlighted Samsara Eco's role in solving the plastic waste problem, noting the company's science-driven solutions. Samsara Eco's innovative approach aims to reduce reliance on fossil fuels and create sustainable, circular solutions for plastic recycling.


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