RWDC Industries, a biodegradable plastics startup based in Athens and Singapore, has raised $133 million in a two-stage Series B round.
The investment was co-led by Vickers Venture Partners, Flint Hills Resources, CPV/CAP Pensionskasse Coop and International SA. Existing investors Eversource Retirement Plan Master Trust and WI Harper Group also participated in the round.
The company will use the funding to meet the demand for PHAs --- biodegradable polyester fibers. RWDC announced plans to expand its production capacity with a new facility in Athens, according to a news release.
RWDC plans to invest $260 million to expand its operations in Athens-Clarke County. The repurposed idled factory will bring 200 jobs to the community, according to The Red & Black, the student newspaper at the University of Georgia in Athens.
RWDC was co-founded by CEO Daniel Carraway and Executive Chairman Roland Wee in an innovation lab at the University of Georgia in 2015. In 2017, the startup partnered with the school to provide research grants for biodegradable technologies for consumer goods.
The company develops biopolymer material solutions --- including PHAs.
"PHAs are naturally produced by microbial fermentation of plant-based oils or sugars and are recognized as the only commercially viable biodegradable bioplastic," the company's website states.
RWDC's PHAs are fully biodegradable in soil, water and marine conditions with no toxic residue.
“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,” Carraway said in a statement. “This investment will help us significantly increase our production capacity so that we can meet needs of brand owners who want to improve the lives of their customers by offering materials that have a positive effect on human health, while improving environmental stewardship.”
The announcement of the new funding brings the total amount raised for the company to $168 million. The company employs between 51-100 people total, according to Crunchbase.
