Novoloop raises $10 mn as part of Series A extension round

California-based plastic recycling startup, Novoloop, raises $10 million for its process and centers focused on converting plastic waste.

The startup’s Accelerated Thermal Oxidative Decomposition technology allows for converting used plastic waste into materials that can then be reused in different ways or products.

“This round brings together mission-driven financial investors and industry strategics who believe in our vision of a circular economy for plastics,” Novoloop Co-founder Miranda Wang said, as reported by TechCrunch.

The Series A extension round will be put toward opening a new center for its process and growing its technology and recycling process, among others.

Investors in the extension include Hanwha Solutions, Mistletoe, Valo Ventures, SOSV, Drive Catalyst, Alante Capital and S Cap, among others.

“After seeing Novoloop emerge from R&D with a product that solves real-world problems, Mistletoe is a firm believer in the financial and environmental impact the company will create,” Mistletoe founder, Taizo Son said, as reported by TechCrunch. “We’re already looking at ways to amplify this impact in places that really need it, like Asian countries where the economy is fast-growing, and the waste problem is serious.”

Novoloop has launched a material named Oistre, created from the recycling process using its technology, which has been used in various clothing and electronic-based products, among others.

The new $10 mn investment brings its Series A investment round to $21 million.

(Picture courtesy: Oistre)

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