In “Novoloop says it’s worked out how to up-cycle plastic waste, raises $11M Series A,” TechCrunch reports Envisioning Partners led the round with additional support from Valo Ventures and Bemis Associates. According to the article, Novoloop (SOSV RebelBio02) aims to scale its proprietary process to efficiently turn single-use plastics into higher value materials for products like shoes, clothing, automotive parts, and electronics.
Regarding the advantages of the Novoloop technology, co-founder and CEO Miranda Wang says, “Everybody else is turning this plastic waste polyethylene into fossil fuel reserves. But …our approach is to directly take the polyethylene waste and convert it in one step… So this essentially bypasses many steps and chemistries that would otherwise happen if people were to take it back into oil or into gas.”
Forbes also covered the story.