Advanced upcycling startup Novoloop expands its Series A to $21 million through an oversubscribed extension led by Mistletoe Singapore and Hanwha Solutions. This nearly doubles the company's raise of $11 million announced in February, which sparked additional investor interest.

"This round brings together mission-driven financial investors and industry strategics who believe in our vision of a circular economy for plastics," said CEO Miranda Wang. "We're thrilled to make that vision a reality by leveraging their access to resources and markets around the world."

The round's investors are decarbonizing energy, textiles, construction, and other industries across Europe, Asia, and the US. Valo Ventures' anchor LP Fortum is a hundred-year-old, publicly-listed clean energy and resource efficiency solution provider headquartered in Finland; SOSV is the world's leader in climate tech investing; Drive Catalyst is the corporate venture arm of the Far Eastern Group, a global player in the polyester and textile industries and PET recycling headquartered in Taiwan; and Alante Capital and S CAP are climate investors focused on deep tech.

"Leading this round was obvious," said Taizo Son, founder of Mistletoe. "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. 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 uses its proprietary ATOD technology to make high-performance chemicals and materials from polyethylene, which is the most commonly used yet least recycled plastic. Their first product, Oistre™ (pronounced OYST-rah), is the world's only thermoplastic polyurethane (TPU) made from post-consumer waste that matches the performance of TPUs derived from petrochemicals.

"Hanwha has done an extensive assessment of the advanced plastic recycling landscape. Novoloop's technology is solid and unique," said Hanwha Solutions' spokesman. "We look forward to collaborating with Novoloop on upcycling carbon content in waste for the circular economy."

Novoloop will use the capital to begin developing industrial capabilities. Key initiatives include scaling up pilot production to make Oistre more readily available for customers in footwear, apparel, sporting goods, automotive, and electronics. It will also set up a feedstock pretreatment unit to assess the quality of post-consumer plastic waste from material recovery sources.

Other Series A investors announced earlier this year include Envisioning Partners, Bemis Associates, and TIME Ventures.