UBQ Materials, an Israeli-based company that develops bio-based thermoplastic materials, has raised USD 170 million in funding led by TPG Rise Climate (TPG Group’s climate investing fund). New investor M&G Investment and existing investor Battery Ventures also participated.  

The fresh funds will be allocated to meet the increasing demand for bio-based plastic, by expanding UBQ’s operations globally. The company plans to construct a new facility in the Netherlands to go operational by Q4 2022. The funds will also be partly allocated for UBQ’s R&D initiatives for developing new products and obtaining certifications. Alongside the investment, Steve Ellis (co-managing partner, TPG Rise Fund) and Ignacio Giraldo (business unit partner, TPG Rise) will join UBQ’s board of directors.