Australian recycling pioneer Samsara Eco has booked $100 million in Series A extension funding, helping the scale-up tackle the global plastic problem and expand its operations through south-east Asia.
The new raise was led by existing investors Temasek, the Singapore-owned investment firm, and Main Sequence, backed by Australia’s own CSIRO.
A swathe of new and returning investors also contributed, including Wollemi Capital, Hitachi Ventures, Titanium Ventures, activewear giant Lululemon and DCVC.
Founded in 2020 by Paul Riley, Samsara Eco specialises in enzymatic recycling, using advanced chemical processes to repurpose hard-to-recycle materials.
Samsara Eco’s patented processes are capable of recycling nylon 6,6, a hardy plastic used in everything from industrial machinery to consumer goods, and polyester, a staple textile in the modern fashion industry.
Those materials are returned to monomers, a kind of molecular structure essential to the creation of new plastics.
Beyond simply repurposing materials, Samsara Eco envisions a circular manufacturing process where plastics — derived from fossil fuels — become “infinitely recyclable”.
“The ability to infinitely recycle plastic in an environmentally friendly way is a game changer for brands and our planet,” Riley said in a statement.
“Our enzymatic recycling technology makes it easy for brands in almost every industry to meet their sustainability and decarbonisation goals by creating a circular loop for plastics.
“We’ve already made significant traction in the textile space but this is just the beginning.”
That grand plan has attracted a wide range of investors.
Notably, global activewear giant Lululemon participated in the raise after becoming a minority shareholder in 2023.
The brand demonstrated its faith in Samsara Eco last year when it debuted a jacket produced entirely from enzymatically-recycled plastic.
In a statement, Samsara Eco said the new funding boost will help it develop new recycling processes, and develop new commercial facilities in south-east Asia in the coming years.
The raise arrives two years after the company’s initial $56 million Series A fundraising effort.
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Senior Business Journalist
Focused on the small business sector, David’s work covers the political, regulatory, and economic issues facing Australian entrepreneurs. Prior to joining SmartCompany, he was a reporter for Business Insider Australia. You can follow him on LinkedIn.
