Novoloop, a Menlo Park, California-based advanced recycling startup, announced that it has expanded its Series A funding to $21 million through an oversubscribed round led by Singapore-based Mistletoe and South Korean petrochemical company Hanwha Solutions.



The oversubscription was nearly double the $11 million initial funding announced in February. The first round of funding was led by Envisioning Partners.

Miranda Wang, CEO of Novoloop, said: “This funding round brings together mission-driven financial investors and industry strategists who believe in our vision for a circular economy for plastics. We are excited to leverage their resources and markets around the world by leveraging their channel to turn this vision into reality.”

Investors in this round include investors from the decarbonized energy, textile and construction sectors from Europe, Asia and the US. In addition to Singapore-based Mistletoe, investors include Valo Ventures in Finland, SOSV in New Jersey, Drive Catalyst in Taiwan, Alante Capital in Santa Barbara, California, and S Cap in New York.

Mistletoe founder Taizo Son said: "Leading this funding round is obvious. After seeing Novoloop emerge from R&D (research and development) with a product that solves a real-world problem, Mistletoe has a financial and environmental impact on the company that will be created. Have firm confidence."

Son added: "We're already looking at how to amplify this impact where it's really needed, like in Asian countries, where economies are growing fast and waste is a big problem."

Novoloop uses its ATOD technology to manufacture high-performance chemicals and materials from polyethylene (PE), a commonly used but infrequently recycled plastic. The company says its first product, Oistre, is the world's only thermoplastic polyurethane (TPU) made from post-consumer (PCR) waste and has performance comparable to TPU made from petrochemicals.

The company will use the funding to begin developing industrial capacity, with key initiatives including scaling up pilot production to make Oistre more accessible to customers, and will also build a feedstock pretreatment unit to assess the quality of PCR waste from material recycling sources.

A spokesman for Hanwha Solutions said: "Novoloop's technology is solid and unique. We look forward to working with Novoloop to increase the carbon content of waste and promote a circular economy."