IndieBio’s materials company Novoloop (RebelBio 02) has partnered with athletic shoemaker On to produce an outsole for On’s Cloudprime sneaker from upcycled thermoplastic polyurethane, TechCrunch reported in the article “Materials startup Novoloop brings its upcycled outsole to On’s new running shoe”.
Novoloop transforms low-value plastic waste into high-quality chemicals and materials—it’s first product being Oistre, a thermoplastic polyurethane (TPU) material for durable products like shoes, apparel, sporting goods, electronics, and cars.
In June 2022, TechCrunch also reported that Novoloop had raised a $10M series A extension round led by Taizo Son’s Mistletoe and Hanwha Solutions and joined by SOSV, Valo Ventures, Drive Catalyst, Alante Capital, and S Cap. The extension brought the series A to $21M and the total funding to date to $24M.
“Our TPU has performed so well in the test that On felt confident enough to put it on the Cloudprime for the [Elemental Excelerator event] reveal,” Novoloop co-founder and CEO Miranda Wang told TechCrunch. “But furthermore, we’re working together on all of the scale of planning to get our TPU into their shoe for mass production.”