RWDC Industries Raises US$133M Series B

RWDC industries

By Tanisha Lele

Biotech startup to create and commercially retail single-use plastic alternatives

RWDC Industries Limited, a Singapore-based bioplastic startup providing solutions to the world’s single-use plastic crisis, announced yesterday the closing of a US$133 million two-stage Series B funding round.

The investment comes at a time when the need to replace single-use plastic is constantly increasing to meet growing consumer demand for better material choices. Consumers increasingly feel a need for materials that qualify as safer, better for the environment, and enable a sustainable circular economy.

Co-founded in 2015 by CEO Dr. Daniel Carraway and Executive Chairman Roland Wee, RWDC is a biotechnology firm that produces innovative and cost-effective biopolymer material solutions like polyhydroxyalkanoate or PHAs.

PHAs are naturally borne out of the microbial fermentation of plant-based oils or sugars, and are biodegradable as a result. They can be used as substitutes for plastics of various kinds, including straws, utensils, cups, dishes, and lids.

The use of PHAs may have several positive effects on the environment, such as a slowing of climate change due to fewer emissions, better human health, and improved health of our ecosystems, with no endocrine-disrupting chemicals and no harmful micro-plastic waste.

The company claims that it will use their new funding to meet the growing demand for PHAs by expanding the company’s production line to Athens, Georgia. As a firm that supports sustainability, RWDC is repurposing an idle factory originally constructed in the late 1960s to use as its new production facility in Athens, which will bring 200 new jobs to the community there.

“We are grateful and excited to have the support of world-class investors who share our urgent mission of solving the global challenge of single-use plastic,” said CEO Carraway, who is based in Athens, GA.

He added, “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 by offering materials that have a positive effect on human health, while improving environmental stewardship.”

Executive Chairman Wee, based in Singapore, said, “Right now, the COVID-19 pandemic presents an unprecedented crisis, but we also recognize that, for many years, we’ve been headed toward an existential threat to our individual health and our planet due to pervasive and mounting plastic pollution. It must be addressed immediately and with a solution at industrial scale. That’s what RWDC can do.”

This $133 million investment was co-led by Vickers Venture Partners (a global venture capital firm); Flint Hills Resources (a leading energy and resources company); CPV/CAP Pensionskasse Coop (the pension fund of Switzerland’s largest retail company); and International SA (a fund linked to Interogo Holding AG).

Existing investors Eversource Retirement Plan Master Trust (the pension fund of Eversource Energy, a Fortune 500 company); and WI Harper Group (a pioneer of US-Asia cross-border VC investing) were also participants in the fundraising round.

Dr. Finian Tan, Founder and Chairman of Vickers Venture Partners, said, “We believe RWDC has the potential to make an enormous difference in solving the global plastics problem, and we’re proud to continue supporting the company and its leadership.”

Vickers Venture Partners is a global venture capital company focused on early-stage investments in the technological and geographical mega trends of the world. As of March 2020, the firm has received commitments of over US$200 million of their target of US$500 million for their fourth fund, and have started investing from it.

The founders and investors hope that propelling RWDC forward will not only provide the world with highly essential biodegradable solutions to replace plastic, but also uplift economies that have faced a setback due to the COVID-19 pandemic.

SHARE THIS STORY

Share on facebook
Share on twitter
Share on linkedin
Share on email

RELATED POSTS

Is Using AI for Academic Writing Cheating?

Is Using AI for Academic Writing Cheating?

From films written and directed by ChatGPT to Kindle authors writing books with artificial intelligence (AI), we are seeing more and more reportage on AI writing tools these days. While writing with an AI may seem harmless and possibly helps improve work efficiency, the use of these tools in the sphere of academic writing has generated serious concern. Teachers are worried that the use of AI writing tools is equivalent to plagiarism or cheating.

7 Creative Ways to Reward Employees without a Salary Raise

7 Creative Ways to Reward Employees without a Salary Raise

Giving your employees a raise is a significant way to show your employees that you value their work and compensate them appropriately for their contributions. Failing to acknowledge the work of your employees can be ‌costly for startups. A OnePoll survey of 2,000 workers found that almost half of ‌American workers (46%) have quit a job due to feeling unrecognized

The Pros and Cons of Human Cloning

The Pros and Cons of Human Cloning

Clones, human or otherwise, are genetically identical copies of a living organism produced artificially in a laboratory. Over the years, many animals have been cloned. Starting from the cloning of a tadpole in 1952 to the cloning of a sheep named Dolly from adult mammal cells in 1996, cloning has come a long way.

Reform of Hong Kong's Offshore Tax System

Reform of Hong Kong’s Offshore Tax System

Further to the introduction of the proposed Hong Kong’s new Foreign-Source Income Exemption (FSIE) regime as discussed in our article A Challenge to Hong Kong’s Long-Established Offshore Tax System in October 2022, the relevant legislation has been enacted and became effective on January 1, 2023.

Mark Cuban’s Tips on How to Get Rich

Mark Cuban’s Tips on How to Get Rich

A popular adage suggests, money makes the world go round. People are always looking to do better financially so that their lives can be more secure. To make that happen, some seek out the advice of millionaires—the ones who have been there, done that.

What India's EdTech Industry Must Prioritize in 2023?

What India’s EdTech Industry Must Prioritize in 2023?

2022 was a tough year for the majority of education technology (EdTech) in India, with the “Tracxn Geo Annual Report: India Tech 2022” reporting a 39 per cent decrease in funding during the January-November period compared to 2021. To overcome this, many businesses, including industry-leading players like BYJU’S, Unacademy and Vedantu, had to resort to job cuts.