Singapore-based biotech start-up RWDC Industries Limited announced Tuesday the closing of a $95.1 million Series B2 funding round co-led by Singapore venture capital firm Vickers Venture Partners and Singapore state investor Temasek.

Other participating investors include Switzerland pension fund CPV/CAP, Hong Kong Optimas Capital’s unit Optimas Global Healthcare Fund and existing shareholders. This latest round takes total funding in RWDC to $208 million.

The funding will support the group’s expansion and boost its production of biodegradable biopolymer material that will help the group speed adoption of sustainable packaging, RWDC said in a statement.

According to the statement, RWDC will use the funding to expand its polyhydroxyalkanoate (PHA) production capacity in its plant located in Athens in the US state of Georgia to 50 kilotons per year and develop a production facility in Singapore.

The company is also in discussions with the authorities in Singapore to secure a site. When ready, the plant here will be the first of such facilities in the region.

RWDC Chief Executive Officer and Co-Founder Daniel Carraway said the funding and support from global investors come at a critical juncture as the world battles the two monumental environmental challenges – climate change and marine litter – with the manufacture, consumption, and disposal of consumer product packaging a key contributor to both, from the perspective of resource use, waste and carbon emissions.

“It helps us accelerate production of Solon, our sustainable PHA material, to support the largest packaging users – converters and brand owners – and consumers to significantly reduce their use of fossil fuel-based plastics. It will speed up the adoption of sustainable packaging and help many of the world’s largest brands meet their sustainable packaging commitments of having 100 percent of their packaging be recyclable, biodegradable, or compostable by 2025,” he added.

RWDC Executive Chairman and Co-Founder Roland Wee also said, the funding will enable the group to innovate and expand the range of applications of PHA, support the production of Solon in Singapore, which is home to many of the global fast-moving consumer goods (FMCG) brands that rely on packaging to keep their products fresh and safe, and be strategically located in Asia, which is the epicenter of the global plastic waste and marine litter problem.

“We have a proven solution to the packaging conundrum faced by all consumer brands, and together, we can take sustainable packaging to a whole new level,” he added.

Meanwhile, Vickers Venture Partners Founder and Chairman Finian Tan said, the fund is committed to supporting organizations such as RWDC, who contribute towards creating a positive social impact on our environment.

“We believe RWDC’s edge-cutting technology provides a solution to plastic waste, marking a critical step in building a waste-free future for plastics and packaging. We look forward to supporting the company as it continues to execute its ambitious roadmap to solve our global plastic problem,” he added.

Founded in 2015 by Wee and Carraway, RWDC Industries is a biotechnology company that develops innovative and cost-effective biopolymer material solutions, including Solon, a PHA. PHA is fully biodegradable and can be used as a substitute for plastic in a wide range of everyday, single-use consumer goods, from straws to utensils to cups and plates to lids. RWDC supports sustainable practices and encourages responsible choice in plastic waste management, including recycling, to protect the environment and planet.

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