On Tuesday, RWDC Industries announced that it had raised US$133 million in a Series B funding round. “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,” Daniel Carraway, the CEO, and co-founder of the firm said.
This newly acquired US$133M will be used to increase the capacity of their production to help them meet the increasing demand for eco-friendly packaging material and to expand manufacturing in Georgia, USA.
RWDC plans to repurpose an idled factory that was originally constructed in the late 1960s as its latest production facility, which will create around 200 new jobs, according to the company. It will also use the newly acquired funds in its development and research projects.
RWDC was founded in 2015 by Roland Wee and Carraway, and since then, it has been developing biopolymer material solutions that include PHA (polyhydroxyalkanoates), a material that is considered eco-friendly and cost-effective.
PHAs are naturally produced from plant-based sugars or oils, and they are the only commercially recognized plastics that are biodegradable in water, soil, and marine conditions, leaving no toxic residue. Products made from PHA can be used in a wide range of consumer goods, including straws, plates, lids, and cups the company said.
This Series B funding round was led by Flint Hills Resources and Vickers Venture Partners, plus other investors. Existing investors such as US-based cross border venture capital firm, WI Harper, and Eversource Retirement Plan Master Trust also participated in the round.
“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,” the chairman and co-founder of Vickers Venture Partners, Finian Tan, said.