Bureo, an Oxnard, CA-based B Corp focused on providing fishermen with an end-of-life solution for discarded fishing nets, closed its Series B funding.
The round was led by Toyota Tsusho Corporation and supported by Mirova, Ocean 14 Capital, Conservation International Ventures and Susquehanna Foundation. Tin Shed Ventures – Patagonia’s venture capital fund – was the initial seed investor in Bureo.
The company intends to use the funds to accelerate growth of its net collection and recycling operation to a list of global coastal communities, as well as develop an advanced traceability system that will deliver fishing net source information through QR codes that can be tracked throughout the supply chain of NetPlus material.
Led by David Stover, Bureo works directly with the fishing communities to provide the resources needed to responsibly dispose of their fishing nets when they are no longer of use. And through recent advancements in its recycling process, the company is now able to convert the nets into a fully traceable, premium 100% recycled Nylon 6 material, called NetPlus. As of today, Bureo is on track to collect more than 3.3 million pounds of end-of-life fishing nets within 2023 for recycling through actively operating in seven countries across the Americas (United States, Mexico, Panama, Ecuador, Peru, Chile, Argentina).
Companies currently using NetPlus recycled nylon in their products include Patagonia, Costa, Yeti, Rivian, Outerknown, Trek, Quicksilver, Orvis and more.
FinSMEs
10/12/2023