Samsara Eco secures AUD $100M to expand plastic recycling

Samsara Eco, an Australian enviro-tech firm, has secured AUD $100 million in its Series A+ funding round.

This financing effort, one of the largest Series A+ rounds ever in Australia, was led by global investment company Temasek and deep tech investment fund Main Sequence. They were joined by new and existing investors, including Wollemi Capital, lululemon, Hitachi Ventures, Titanium Ventures, and DCVC.

The capital raised will support the expansion of Samsara Eco's enzymatic recycling capabilities, with plans to build new commercial facilities in South East Asia. The objective is to recycle millions of tonnes of plastic waste from sources such as discarded textiles and packaging, converting it into monomers—the molecular building blocks of plastics. These monomers will be used to create new products in a bid to establish a circular economy.

Paul Riley, CEO and Founder of Samsara Eco, said, "Plastics have been an environmental disaster with almost every piece of the 9 billion tonnes ever made still on the planet. But almost all plastic is reusable and recyclable with the right technology. We're on a mission to end plastic waste and with it, repair our climate. The ability to infinitely recycle plastic in an environmentally friendly way is a game changer for brands and our planet."

Since its inception in 2020, Samsara Eco has pioneered innovations in infinite recycling, focusing on plastics like nylon 6,6 and polyester. The company recently partnered with global athletic wear brand lululemon to unveil the world's first enzymatically recycled nylon 6,6 product and an enzymatically recycled polyester product.

Samsara Eco's patented technology, EosEco, utilises biophysics, chemistry, biology, and artificial intelligence to create plastic-eating enzymes. These enzymes break down plastic waste into raw materials, which are then reintegrated into manufacturing processes to make new products. Riley noted, "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."

The new funding boosts Samsara Eco's ability to scale its team of chemists, engineers, and technicians, as well as expand its library of plastic-eating enzymes. The firm's first proof of concept facility operates out of Mitchell, ACT, with a new innovation campus under construction in Jerrabomberra, NSW.

Phil Morle, Partner at Main Sequence, commented, "Samsara Eco demonstrates how science can deliver a real solution to huge problems—in this case, the accumulation of plastic waste and the continued need to produce new plastics from fossil fuels. Deep tech venture capital fuels this science with a rapid path to market, helping accelerate impactful change in the world. We are steadfast believers in this mission and Samsara Eco. The team are already making significant strides to eliminate textile waste and will be vital to creating a more sustainable future."

The recent funding round builds on the company's AUD $56 million Series A in 2022. The funds from the previous round have played a crucial role in the company's growth and development. Samsara Eco plans to leverage the new capital to establish additional facilities for global brands to partner, test, and create using its technologies.

As global concern about plastic waste and its environmental impact continues to grow, innovations like those from Samsara Eco offer potential pathways to more sustainable practices in the manufacturing and recycling sectors.