Samsara Eco raises $100m to recycle plastics

Plastic recycling startup Samsara Eco has raised $100 million in its latest funding round.

Led by global investment company, Temasek and Australian deep tech investment fund, Main Sequence, funds also came from Wollemi Capital, lululemon, Hitachi Ventures, Titanium Ventures (formerly Telstra Ventures) and DCVC.

The capital will help Samsara Eco scale its enzymatic recycling capabilities, with new commercial facilities to be built in South East Asia ‘in the next few years’, according to a statement.

The facilities will recycle millions of tonnes of plastic waste like discarded textiles and packaging, to produce tens of thousands of tonnes of plastic monomers which will be turned into new products, creating a truly circular loop.

The company will also scale-up its global team of chemists, engineers and technicians, as well as increase its library of plastic-eating enzymes.

The CEO and Founder of Samsara Eco Paul Riley said: “Plastics have been an environmental disaster with almost every piece of the nine billion tonnes ever made still on the planet.

“But almost all plastic is reusable and recyclable with the right technology.

“….The ability to infinitely recycle plastic in an environmentally friendly way is a game changer for brands and our planet.”

Riley said Samsara’s enzymatic recycling technology had already made significant traction in the textile space – ‘but this is just the beginning’.

Since launching in 2020, Samsara Eco has pioneered the ability to recycle plastics including nylon 6,6 and polyester, and helped to introduce lululemon’s first product made from enzymatically recycled polyester.

Samsara Eco’s patented recycling technology, EosEco uses a combination of biophysics, chemistry, biology and computer science to create a family of plastic-eating enzymes that break down plastic waste into raw materials.

Riley said: “EosEco reduces the end-to-end recycling time, while also operating at a lower temperature and pressure to ultimately reduce waste and carbon emissions.

“By solving the circularity piece of the puzzle for all plastics, we’re making it possible to imagine a more sustainable future.”

The latest funding builds upon Samsara Eco’s $56 million Series A in 2022 which has underpinned its growth.

Further reading:
lululemon, Samsara say new recycled polyester jacket is a world first
“Infinite recycling” startup Samsara raises $54 million in Series A

Picture: Samsara Eco