Singapore biotech firm RWDC raises $133 mil. to boost eco-plastic output in U.S.
SINGAPORE, NNA - RWDC Industries Ltd., a Singapore-based biotech startup which aims to solve the single-use plastic crisis, has raised $133 million to expand production capacity in Georgia, the United States.
Founded in 2015, RWDC is a biotechnology company developing biopolymer materials solutions including polyhydroxyalkanoate (PHA), which is fully biodegradable and can be used as a substitute for plastic for food and consumer packaging.
The new funding comes as the need to replace single-use plastic rises and consumer demand for better material choices grow, the company said in a statement on Tuesday.
“This investment will help us significantly increase our production capacity so that we can meet needs of brand owners who want to improve the lives of their customers,” CEO Daniel Carraway said in the statement.
RWDC plans to reuse an idled factory in Athens, Georgia, originally constructed in the late 1960s, as its new production facility to meet increasing demand for PHA.
The company also intends to use the new capital to enhance research and development efforts.
In the second round of two-stage Series B funding, those putting money in included Vickers Venture Partners, a Singaporean venture capital firm, U.S. producer of fuels and chemicals company Flint Hills Resources, CPV/CAP Pensionskasse Coop, the pension fund of major Swiss retailer Coop Group, and International SA, which is a Luxembourg-based alternative investment fund.
In 2019, RWDC raised $22 million in another funding in which Vickers Venture Partners was also a participating investor.