Single-use plastic continues to be a grave threat to the planet.
Researches are going on across the world to develop an environmentally-friendly alternative to plastic and several innovators have already made a breakthrough.
Singapore-based RWDC Industries is one such company that has developed a biodegradable version for single-use plastic. The biotech startup has just bagged a massive financing for its work.
RWDC closed a US$133 million “two-stage” Series B funding round, co-led by Vickers Venture Partners, Flint Hills Resources, CPV/CAP Pensionskasse Coop, and International SA.
Also participated in the round are existing investors, including Eversource Retirement Plan Master Trust and and cross-border VC investor WI Harper Group.
This comes exactly a year after RWDC raised US$22 million in a Series A round, led Vickers and US-based Eversource Retirement Plan Master Trust.
Established in 2015 by Roland Wee and Daniel Carraway, RWDC develops innovative and cost-effective biopolymer material solutions, including polyhydroxyalkanoates (PHAs).
PHA is naturally produced by microbial fermentation of plant-based oils or sugars and is commercially viable biodegradable bioplastic. PHA will help to improve the climate, with less GHG emissions. It will also improve human health and the health of our ecosystems, with no endocrine disrupting chemicals and no harmful micro-plastic waste.
Expanding to Athens
RWDC will use the funding to meet growing demand for PHA, including by expanding the company’s production capacity with a new facility in Athens, Georgia. A portion of the capital will also go into R&D.
“This investment will help us significantly increase our production capacity so that we can meet needs of brand owners who want to improve the lives of their customers by offering materials that have a positive effect on human health while improving environmental stewardship,” said Carraway.
Produced primarily from used cooking oil, PHA is certified by TÜV AUSTRIA to be fully biodegradable in soil, water, and marine conditions – leaving no toxic residue.
In 2018, RWDC’s proposal to use PHA to start replacing single-use plastics won the inaugural Liveability Challenge, presented by Temasek Foundation.
The biotech company will accelerate plans to meet increasing demand for materials to replace plastics for food service, food packaging, consumer goods packaging and other consumer items.
Vickers Venture Partners is a global early-stage VC firm investing in lifesciences, technology, media, telecom, consumer and financial services. In March 2020, Vickers received commitments of over US$200 million for its fifth fund worth US$500 million.
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Image Credit: RWDC
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