Novoloop (formerly known as Biocellection), a startup that converts plastic waste into a polyester-based thermoplastic polyurethane (TPU), has raised USD 10 million in an extended Series A funding round co-led by Hanwha Solutions and Mistletoe. Investors including Valo Ventures, SOSV, Far Eastern Group’s corporate venture arm Drive Catalyst, Alante Capital, and S Cap also joined the round. The company previously raised USD 11 million in Series A funding in February 2022. 

Novoloop will use this additional funding to support the commercialization of its first product Oistre (previously known as XIRCOistre). The company reports that it plans to scale its technology to produce more than one metric ton of Oistre and build a feedstock pretreatment unit in California later this year that will accelerate production of Oistre.

According to the company, investors of the Series A round focus on decarbonizing in the energy, textiles, and construction industries across Europe, Asia, and the US, and will offer their expertise in supporting Novoloop to successfully commercialize. For instance, Korean chemical company Hanwha Solutions is expected to support process development, while Valo Ventures, through its partner Fortum, a Finnish energy and waste management company, is likely to support managing complex waste feedstocks. Companies like Far Eastern Group will support expanding the reach of Novoloop’s product in Asia.