TLDR: Bioworks, a new material creation company, has secured funding in a third-party share allotment from international venture capital firms Purpose Venture Capital and Lavender Hill Capital, among others.
– Bioworks has raised a cumulative total of US$17.3M or 2.5 billion yen.
– The funds will be used to strengthen Bioworks’ R&D and human resources, expand its product portfolio, enter new markets, and expand its business domestically and internationally.
Key highlights:
– Bioworks is a company focused on creating sustainable solutions through research and development of new materials. It aims to foster a harmonious future where both the planet and humanity thrive in good health.
– The funding from Purpose Venture Capital and Lavender Hill Capital will contribute to the promotion of ESG investment in the Asia-Pacific region and expand Bioworks’ distribution channels from Japan to overseas markets.
– Bioworks will also partner with Yagi & Co, a textile trading company, to further expand the reach of its new carbon-neutral material, PlaX™, to a broader market.
– PlaX™ is a new carbon-neutral material made from polylactic acid (PLA) and plant-derived additives. It is biodegradable and has the potential to replace petroleum-derived synthetic fibers like polyester.
– The material has several environmental benefits, including reduced CO2 emissions during production, compatibility with chemical recycling, and reduced emissions during incineration and disposal.
– Purpose Venture Capital is a Singapore-based venture capital firm that supports early-stage sustainable tech companies. Lavender Hill Capital is an international venture capital firm based in Hong Kong that focuses on investing in growth stage technology companies globally.
