Singapore’s RWDC Industries secures $95m in latest funding

RWDC Industries Limited, a Singapore-based biotech start-up, raised a total of $95.1 million in the closing of its Series B2 funding round.

The fresh funding will support the expansion and boost production of its biodegradable biopolymer material that will help the world’s leading fast-moving consumer goods brands speed the adoption of sustainable packaging, as per the announcement.

Vickers Venture Partners and Temasek co-led the new investment. Other investors who participated are CPV/CAP Pensionskasse Coop, Optimas Global Healthcare Fund, and existing shareholders.

The total funding in RWDC is now at $208 million, which will be used to expand its PHA production capacity in its plant located in Athens in the US state of Georgia to 50 kilotons per year and develop a production facility in Singapore.

RWDC is in discussions with the authorities in Singapore to secure a site. The plant, when ready, will be the first of such facilities in the region.

Dr Carraway, RWDC CEO and Co-founder said in a statement that the funding will help them accelerate the production of Solon, the company’s sustainable PHA material.

“It will speed up the adoption of sustainable packaging and help many of the world’s largest brands meet their sustainable packaging commitments of having 100 percent of their packaging be recyclable, biodegradable, or compostable by 2025,” he added.

Mr Wee, RWDC Executive Chairman, and Co-founder, said they are excited since the funding will enable them to innovate and expand the range of applications of PHA, and support the production of Solon in Singapore.

In a separate statement, Dr Finian Tan Vickers Venture Partners Founder and Chairman, said they are committed to supporting the company, which contributes towards “creating a positive social impact” on the environment.”

RWDC won the first Liveability Challenge in 2018, presented by Temasek Foundation Ecosperity, based on a proposal to use PHA to start replacing single-use plastics.