Novoloop, a Menlo Park, CA-based advanced upcycling startup, raised an additional USD10m its Series A bringing the total amount raised to date to $21m.
This nearly doubles the company’s raise of $11m announced in February.
The extension round was led by Mistletoe Singapore and Hanwha Solutions.
Led by CEO Miranda Wang, Novoloop uses its proprietary ATOD™ technology to make high-performance chemicals and materials from polyethylene, which is the most commonly used yet least recycled plastic. Their first product, Oistre™ (pronounced OYST-rah), is thermoplastic polyurethane (TPU) made from post-consumer waste that matches the performance of TPUs derived from petrochemicals.
The capital will be used by the company to develop industrial capabilities. Oistre is now available to customers in the following areas: footwear, apparel, sports goods, electronics, and automotive. It will also establish a feedstock pretreatment unit in order to evaluate the quality of post-consumer waste plastic from material recovery sources.
Envisioning Partners and Bemis Associates were also among the Series A investors that were announced this year.