Novoloop (formerly known as Biocellection), a startup that converts plastic waste into a polyester-based thermoplastic polyurethane (TPU), has raised USD 11 million in a Series A funding round led by Envisioning Partners. New investors Valo Ventures and Bemis Associates, along with existing investors SOSV, Mistletoe, and TIME Ventures, also joined the round. 

The funding is expected to support the commercialization of the company’s first product Oistre (previously known as XIRCOistre), a thermoplastic polyurethane (TPU) that can be used in footwear, apparel, sporting goods, automotive, and electronics. The company reports that it expects to scale its technology to produce more than one metric ton of Oistre TPU as samples for footwear and sporting goods brands. 

Following the round of funding, Novoloop also partnered with its investor Bemis Associates, which expects to use Novoloop’s Oistre material on its apparel bonding solutions, such as seam tapes, in high-performance outerwear. 

Analyst QuickTake: After nearly seven years of development, the company is now ready to commercialize its first product. The upcycled material Oistre was initially launched in February last year; at the time, Novoloop stated that it was working with an undisclosed commercial partner to bring the product to market in 2021/2022.