Japanese bioplastic startup Bioworks has secured undisclosed funding through a third-party allotment of new shares. Purpose Venture Capital, alongside Lavender Hill Capital, 18 Salisbury Capital, and Yagi & Co, participated in the funding, although the exact amount invested by Purpose Venture Capital remains undisclosed. This latest investment round has propelled Bioworks’ cumulative capital raised to date to US$17.3 million.
The freshly secured capital, including investments from Purpose Venture Capital and other international investors, is reserved for Bioworks’ strategic initiatives. The funds will be directed toward strengthening the company’s research and development capabilities, enhancing its human resources, diversifying its product offerings, venturing into new markets, and expanding its domestic and international presence.
Established in 2015, Bioworks, headquartered in Kyoto, is a new material creation company promoting a sustainable, recycling-oriented society. At the core of its innovative offerings is PlaX, a carbon-neutral material crafted from polylactic acid (PLA), a bioplastic sourced from sugarcane and other plant-based materials. Bioworks augments this eco-friendly material with a proprietary plant-derived additive developed in-house, showcasing its dedication to sustainable solutions and environmental responsibility.
To expand PlaX’s market reach, Bioworks has partnered with Yagi, a distinguished player in the textile industry. This collaboration leverages Yagi’s extensive experience and success in the textile sector to push the dissemination of PlaX, Bioworks’ proprietary carbon-neutral material.
This new carbon-neutral material not only offers superior quality and functionality but also presents significant environmental benefits. PlaX™ claims a 35% reduction in CO2 emissions compared to polyester. Its unique features include biodegradability, compatibility with “chemical recycling,” and reduced emissions during incineration and disposal.
Co-founded by Sharon Sim, Sertac Yeltekin, and Von Leong, Purpose Venture Capital stands as a prominent Singapore-based international venture capital firm specializing in supporting early-stage sustainable technology companies. The firm extends its influence globally, with a particular emphasis on fostering the growth of startups based in Asia.
Within its diversified portfolio, Purpose Venture Capital has strategically invested in companies such as Zumvet, Igloo company, HydraX, and Archireef.