SINGAPORE (May 6, 2020) – RWDC Industries Limited, a Singapore-based biotech start-up providing a solution to the world’s single-use plastic crisis, announced today the closing of a US$133 million two-stage Series B funding round.
This announcement comes as the need to replace single-use plastic continues to rise to meet growing consumer interest in better materials choices. The increasing need for materials that enable greater food safety, better stewardship of the environment, and that enable a sustainable circular economy are also being driven by regulatory demands from state, local, and federal governments across the globe.
Co-founded by CEO Dr. Daniel Carraway and Executive Chairman Roland Wee, RWDC develops innovative and cost-effective biopolymer material solutions – including, polyhydroxyalkanoates or PHAs. PHAs are naturally produced by microbial fermentation of plant-based oils or sugar and are recognized as the only commercially viable biodegradable bioplastic. Produced today from primarily used cooking oil, RWDC’s PHA is certified by TÜV AUSTRIA to be fully biodegradable in soil, water, and marine conditions – leaving no toxic residue. In 2018, RWDC’s proposal to use PHA to start replacing single-use plastics won the inaugural Liveability Challenge, presented by Temasek Foundation.
“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 Carraway, who is based in Athens, GA. “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.”
“We have had a global view of the plastic crisis since our founding,” said Wee, who is based in Singapore. “Consistent with that, we’ve planted a flag in both Asia and the United States, and we look forward to expanding our manufacturing of this innovative solution in Georgia. 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.”
The new 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).
Other participating investors include 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.
“RWDC exemplifies the kind of company we support – passionate about problem solving and creating positive social impact. 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,” said Dr. Finian Tan, Founder and Chairman of Vickers Venture Partners.
RWDC will use the funding to meet growing demand for PHA, including by expanding the company’s production capacity with a new facility in Athens, Georgia. Reflecting RWDC’s own mission of creating a sustainable, earth-friendly solution to plastics pollution, RWDC is repurposing an idled 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 in northeastern Georgia. RWDC will also use the new funds to conduct research and development efforts.
“We are excited to see RWDC expand its operations in Athens and add a substantial number of new well-paying jobs,” said Athens-Clarke County Mayor, Kelly Girtz. “Athens is the home of the University of Georgia, and we have a long record of supporting innovation and industry. Like communities across America and the world, we want to see a reduction in plastic pollution, and we have high hopes that RWDC, with the help of the Athens community at their new facility, will be able to solve that problem.”
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