Australian Startup Samsara Eco Raises $65M to Expand Eco-Friendly Plastic Recycling

Samsara Eco, an Australian environmental tech startup, has secured A$100 million (USD$65 million) in Series A+ funding to expand its enzymatic plastic recycling capabilities. 

This funding round, supported by a consortium of investors including Singapore’s Temasek, Australian funds Main Sequence and Titanium Ventures, and others such as Lululemon and Hitachi Ventures, is crucial for the company.

Samsara Eco’s patented EosEco technology utilizes enzymes to break down plastic waste into its raw materials, significantly reducing the end-to-end recycling time while operating at lower temperatures and pressures. This innovation not only reduces waste but also minimizes carbon emissions. “We are solving the circularity piece of the puzzle for all plastics,” explained Paul Riley, founder and CEO of Samsara Eco.

In collaboration with lululemon, Samsara Eco has developed a method to extract nylon 6,6 from end-of-life fabrics, a plastic commonly used in clothing and sportswear but notoriously difficult to recycle. With this partnership, they have showcased the capability of their enzymatic technology to recycle tough plastics and transform them into reusable monomers. 

The new funding will enable Samsara Eco to construct advanced recycling facilities in Southeast Asia, capable of processing millions of tons of plastic waste, including discarded textiles and packaging. These facilities will produce tens of thousands of tons of monomers, which can be converted into new products. The company aims to infinitely recycle all forms of plastics, thus supporting various supply chains in industries such as automotive, electronics, and consumer packaged goods.

Samsara Eco’s initial proof of concept facility operates in Mitchell, ACT, with a new innovation campus under development in Jerrabomberra, NSW. The company plans to scale its global team and expand its library of plastic-eating enzymes to enhance its recycling capabilities further. Paul Riley emphasized the potential of their technology, stating, “The ability to infinitely recycle plastic in an environmentally friendly way is a game changer for brands and our planet.”

Phil Morle, Partner at Main Sequence, stated, “Samsara Eco demonstrates how science can deliver a real solution to huge problems — in this case, the accumulation of plastic waste and the continued need to produce new plastics from fossil fuels.”

Founded in 2021, Samsara Eco specializes in using enzymatic technology to address the global plastic waste crisis. Their approach involves breaking down complex plastics into their fundamental chemical components, known as monomers. These monomers are then reused to produce new, high-quality plastics, reducing reliance on fossil fuels and mitigating environmental impact. The new capital infusion will facilitate the construction of advanced commercial facilities across Southeast Asia.

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