Plastic Upcycling Startup Novoloop Raises $10M Series A Extension To Accelerate Commercialization

Jun 01, 2022•about 3 years ago

Amount Raised

$10 Million

Menlo ParkManufacturing

Description

Novoloop, a plastic upcycling startup, said Wednesday it has raised a $10 million Series A extension round co-led by South Korean chemical firm Hanwha Solutions and Taizo Son’s Mistletoe. This follows a first raise of $11 million in February and brings the Series A to $21 million and its total funding to $24 million.

Company Information

Company

Novoloop

Location

3475 EDISON WAY, SUITE Q

Menlo Park, California, United States

About

Novoloop is a circular innovation company transforming hard-to-recycle plastics with its proprietary Lifecycling™ technology. By chemically upcycling post-consumer polyethylene into high-performance, low-carbon polyols and polyurethanes, Novoloop enables sustainable materials for applications in footwear, apparel, automotive, and more. Founded in 2015 and based in California, the company has raised over $50 million and holds 50 granted and pending patents across 18 regions. Novoloop’s Lifecycled™ TPU debuted in On’s Cloudprime sneaker in 2022, and in 2025, the company was named one of TIME’s World’s Top Greentech Companies.

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