Singapore biomaterials player gets $22m
RWDC Industries, a Singapore-based materials developer focused on biodegradable plastics, has raised $22 million from a group of investors including Vickers Venture Partners.
Eversource Retirement Plan Master Trust, the pension fund of US power company Eversource Energy, also contributed, alongside WI Harper Group. It extends a Series A round that raised a $13 million tranche in October last year backed by Vickers, WI Harper, and Ridgevale Enterprises.
The fresh capital will be used primarily to advance RWDC’s lead product, a variety of plant-based plastic that will be marketable as 100% bio-based and non-toxic. The company said the resin is certified by TUV Austria to be fully biodegradable in soil, water, and marine conditions. It plans to realize its first commercial rollout of drinking straws within the year.
"The world finally recognizes the urgent need to build a green and sustainable future. Plastic waste pollution in our oceans is a real threat to societies and global growth,” Peter Liu, chairman of WI Harper, said in a statement. “We are very proud to partner with RWDC's team, creating awareness to replace plastic use, while also raising the standard for the smart cities of future generations.”
RWDC aims to leverage growing government pressure globally to curb the environmental impact of plastic waste but describes current policies based on “reduce, reuse, and recycle” responses as inadequate. Plant-based plastics are hoped to deliver a solution by allowing single-use plastics to continue to be consumed in a less damaging way.
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