WI Harper Group | November 24, 2021 | Source: Eco Business
RWDC Industries announced the closing of a US$95 million Series B2 funding round that will support expansion and boost production of its biodegradable biopolymer material that will help the world’s leading fast-moving consumer goods brands speed adoption of sustainable packaging.
The new investment was co-led by Vickers Venture Partners and Temasek (one of the world’s largest sovereign wealth funds). Other participating investors include CPV/CAP Pensionskasse Coop (the pension fund of Switzerland’s largest retail company); Optimas Capital, WI Harper Group and existing shareholders. This latest round takes total funding in RWDC to US$208 million.
WI Harper Group led RWDC’s Series A of $13M in October 2018. Subsequently, WI Harper also followed-on to its Series A1 of $22M in April 2019, and to its Series B1 round in March 2020.
RWDC will use the funding 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. The company is in discussions with the authorities in Singapore to secure a site. When ready, the plant will be the first of such facilities in the region.
RWDC CEO and Co-founder Dr Carraway said, “The funding and support from global investors come at a critical juncture as the world battles the two monumental environmental challenges – climate change and marine litter – with the manufacture, consumption and disposal of consumer product packaging a key contributor to both, from the perspective of resource use, waste and carbon emissions. It helps us accelerate production of Solon, our sustainable PHA material, to support the largest packaging users – converters and brand owners – and consumers to significantly reduce their use of fossil fuel-based plastics. 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.”
RWDC Executive Chairman and Co-founder Mr Wee said, “We’re excited that funding will enable us to innovate and expand the range of applications of PHA, support production of Solon in Singapore, which is home to many of the global FMCG brands that rely on packaging to keep their products fresh and safe, and be strategically located in Asia, which is the epicenter of the global plastic waste and marine litter problem. We have a proven solution to the packaging conundrum faced by all consumer brands, and together, we can take sustainable packaging to a whole new level.”
In 2018, RWDC won the first Liveability Challenge, presented by Temasek Foundation Ecosperity, based on a proposal to use PHA to start replacing single-use plastics.
| About WI Harper Group
WI Harper is a pioneer and leading cross-border venture capital firm investing in early and expansion stage companies globally. With offices in San Francisco, Beijing, and Taipei, the firm actively oversees more than $1 billion in assets under management. Since inception nearly three decades ago, WI Harper has invested in over 400 startups and has successfully experienced more than 100 IPO and M&A exits.
We look for innovative companies and visionary founders in healthcare, technology and sustainability fields where there are high synergies and meaningful value added cross selling opportunities. While our healthcare team is presently honing on bioinformatics and digital biology, our technology team is focused blockchain, big data, analytics, artificial intelligence, AR/VR, IoT, robotics, drones, autonomous driving, as well as digital media and green energy projects.