(L-R): Purpose VC co-founders Von Leong, Sertac Yeltkein, and Sharon Sim
Japanese startup Bioworks has secured undisclosed funding from Purpose Venture Capital (Singapore), Hill Capital (Hong Kong), 18 Salisbury Capital, textile trading company Yagi & Co, and other unnamed investors, bringing its cumulative capital raised to date to US$17.3 million.
The newly raised capital will be utilised to strengthen its R&D and human resources, expand its product portfolio, enter new markets, and expand its domestic and international business.
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Established in 2015, Bioworks is a new material creation company aiming to realise a sustainable, recycling-oriented society. It has developed PlaX, a new carbon-neutral material made from polylactic acid (PLA), a bioplastic made from sugarcane and other plant-based materials, with the addition of a plant-derived additive developed in-house by Bioworks.
PlaX presents a viable alternative to petroleum-derived synthetic fibres like polyester. It is biodegradable and compatible with chemical recycling, in which equivalent materials are reproduced from waste. It can reduce CO2 emissions by 35 per cent compared to polyester during yarn production. Emissions during incineration and disposal are also reduced.
Through the partnership with Yagi, a company with a long history of success in the textile industry, Bioworks will further expand the reach of PlaX, a new carbon-neutral material developed in-house, to a broader market.
Co-founded by Sharon Sim, Sertac Yeltekin, and Von Leong, Purpose Venture Capital is a Singapore-based international VC firm that supports early-stage sustainable tech companies. The firm invests globally with a focus on Asia-based startups.
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Its portfolio companies include Zumvet (animal health service), Igloocompany (secure access management platform), HydraX (regulatory-compliant and sustainable financial infrastructure for capital markets of the future), and Archireef (a nature tech company dedicated to the restoration of degraded marine ecosystems).
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