Press Releases October 26, 2023
October 26, 2023: Leading plant-based material science company Algenesis Corporation has raised US$5M in a funding round led by First Bight Ventures, with Circulate Capital and others. A pioneer in developing bio-based plastics that are competitive with petroleum-based in both cost and functionality, Algenesis’ patented Soleic® technology is the world’s first renewable, high-performance, fully biodegradable and backyard compostable bioPolyurethane (bioPU) made from plants and algae.
Algenesis’ unique Soleic® PU is currently available in soft foam applications, such as midsoles and insoles for footwear. The new funds will be used to expand Soleic® product lines into breathable waterproof textiles, and injection molded products such as phone cases. The company also plans to expand and strengthen its supply chain by bringing more of its processes in-house, to scale production and commercialization of these materials that are increasingly in demand by a variety of consumer-facing brands, further cementing their position as a leader in eco-innovation.
Rob Kaplan, Founder and CEO of Circulate Capital, said: “We are thrilled to add Algenesis to Circulate Capital’s Disrupt portfolio, which targets breakthrough innovations advancing circularity. As global brands commit to driving circularity in their products, we see huge potential for Algenesis to meet this market opportunity with their innovative new materials.”
