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Today: May 17, 2024
January 15, 2024
1 min read

Fueling Asia’s Eco-Friendly Expansion: Purposeful Venture Capital Powers Bioworks

TLDR:

– Japanese bioplastic startup Bioworks has secured undisclosed funding through a third-party allotment of new shares.
– Purpose Venture Capital, alongside Lavender Hill Capital, 18 Salisbury Capital, and Yagi & Co, participated in the funding, although the exact amount invested by Purpose Venture Capital remains undisclosed.
– The funds will be directed toward strengthening the company’s research and development capabilities, enhancing its human resources, diversifying its product offerings, venturing into new markets, and expanding its domestic and international presence.
– Bioworks, headquartered in Kyoto, is a new material creation company promoting a sustainable, recycling-oriented society.
– At the core of its innovative offerings is PlaX, a carbon-neutral material crafted from polylactic acid (PLA), a bioplastic sourced from sugarcane and other plant-based materials.
– To expand PlaX’s market reach, Bioworks has partnered with Yagi, a distinguished player in the textile industry.
– Co-founded by Sharon Sim, Sertac Yeltekin, and Von Leong, Purpose Venture Capital stands as a prominent Singapore-based international venture capital firm specializing in supporting early-stage sustainable technology companies.

Japanese bioplastic startup Bioworks has secured undisclosed funding through a third-party allotment of new shares. Purpose Venture Capital, alongside Lavender Hill Capital, 18 Salisbury Capital, and Yagi & Co, participated in the funding, although the exact amount invested by Purpose Venture Capital remains undisclosed.

The funds will be directed toward strengthening the company’s research and development capabilities, enhancing its human resources, diversifying its product offerings, venturing into new markets, and expanding its domestic and international presence.

Bioworks, headquartered in Kyoto, is a new material creation company promoting a sustainable, recycling-oriented society. At the core of its innovative offerings is PlaX, a carbon-neutral material crafted from polylactic acid (PLA), a bioplastic sourced from sugarcane and other plant-based materials. Bioworks augments this eco-friendly material with a proprietary plant-derived additive developed in-house, showcasing its dedication to sustainable solutions and environmental responsibility.

To expand PlaX’s market reach, Bioworks has partnered with Yagi, a distinguished player in the textile industry. This collaboration leverages Yagi’s extensive experience and success in the textile sector to push the dissemination of PlaX, Bioworks’ proprietary carbon-neutral material. This new carbon-neutral material not only offers superior quality and functionality but also presents significant environmental benefits. PlaX™ claims a 35% reduction in CO2 emissions compared to polyester. Its unique features include biodegradability, compatibility with “chemical recycling,” and reduced emissions during incineration and disposal.

Co-founded by Sharon Sim, Sertac Yeltekin, and Von Leong, Purpose Venture Capital stands as a prominent Singapore-based international venture capital firm specializing in supporting early-stage sustainable technology companies. The firm extends its influence globally, with a particular emphasis on fostering the growth of startups based in Asia.

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