Virescent Ventures portfolio company Samsara Eco, using plastic-eating enzymes to produce recycled packaging, has banked $54 million Series A funding to build its first commercial 20,000-tonne facility in Melbourne.
Clean Energy Finance Corporation Innovation Fund (managed by Virescent Ventures), Woolworths Group’s W23 and Main Sequence are joined by Breakthrough Victoria, Temasek, Assembly Climate Capital, DCVC and INP Capital in the large Series A funding round.
Samsara’s business model involves buying or sourcing waste material from materials recovery facilities around Australia, scooping up waste that has been diverted from landfills, and cannot be reused in mechanical recycling. The enzyme breaks down plastics to their core monomers (their foundational building blocks) within 10 minutes, which can then be reused infinitely to make new products.
Woolworths has already signed up for 5000 tonnes of its polyester product.