Singapore-headquartered Purpose Venture Capital has co-invested US$17.3 million ($23.05 million) into Japanese material creation startup Bioworks, alongside Lavender Hill Capital and 18 Salisbury Capital, according to a release dated Jan 15.
Bioworks was established in 2015 with the goal to “realise a sustainable, recycling oriented society”, through the planning and production backed by the research and development of PlaX. PlaX is made from polylactic acid, a bioplastic made from sugarcane and other plant-based materials, with the addition of a plant-derived additive, developed in-house by Bioworks.
This raised capital will be used to strengthen its research and development and human resources, expand its product portfolio, enter new markets, and expand its business both domestically and internationally.
Bioworks will also expand the reach of its new carbon-neutral material PlaX to a broader market, by partnering with Japanese textile trading veteran, Yagi. PlaX boasts a 35% reduction in CO2 emissions compared to polyester; biodegradability, compatibility with “chemical recycling”, and emissions reduction during incineration and disposal.
Purpose Venture Capital supports early-stage sustainable technology companies, through investing globally with a focus on Asia-based startups.
The firm’s portfolio companies include Zumvet, Igloocompany, HydraX and Archireef. They partner exclusively with prominent family offices and driven founders, and build profitable and purposeful companies with a measurable positive impact on people and planet.
