Australian recycling tech startup Samsara Eco has announced raising A$54 million (about $34.7 million) in a Series A funding round backed by Singapore state investment firm Temasek Holdings.
The round was also participated by a host of investors including Breakthrough Victoria, Assembly Climate Capital, DCVC, and INP Capital. Existing investors, such as deep-tech fund Main Sequence, Woolworths Group’s W23, and Clean Energy Finance Corporation also joined.
The company is looking to build its first plastic recycling facility in Melbourne later this year and targets full-scale production by 2023.
Samsara Eco has developed a revolutionary biocatalyst technology that allows for the infinite recycling of plastics. Developed in conjunction with the Australian National University, its technology depolymerises plastic waste and allows for the reuse of the monomers in producing food grade plastics with the same characteristics as virgin plastic.
The technology is particularly useful in recycling heterogeneous mixes of hard-to-recycle plastics, including coloured, multilayered and mixed plastics, the company said.
“Our technology allows 100% of PET & Polyester to be recycled, including coloured, multi-layered and other hard to recycle post-consumer waste,” the startup said on its website.
Samsara said it will use the fresh funds to build its library of plastic-eating enzymes and fund its commercial facility. It also seeks to expand its engineering team and then venture into Europe and North America.
“You can’t solve the climate crisis unless you solve the plastics crisis. Unlike other alternative recycling practices, our process is economical, with a low carbon footprint and allows for the effective recycling of challenging plastics including coloured, multi-layered or mixed plastics and textiles,” Samsara Eco CEO Paul Riley said.
In March, the startup raised $6 million from the Clean Energy Finance Corporation, Woolworth’s venture capital fund W23 and CSIRO’s Main Sequence Ventures.