Flint Hills Resources has contributed to a $133m series B round for RWDC Industries, which is working on a biodegradable alternative to plastic.
Singapore-based biodegradable plastic developer RWDC Industries completed a $133m series B round yesterday backed by Flint Hills Resources, the chemicals and biofuel subsidiary of conglomerate Koch Industries.
Venture capital firm Vickers Venture Partners led the round, which also featured International, an alternative investment fund operated by Interogo Holding, itself a subsidiary of furniture retailer Ikea’s owner Interogo Foundation.
Pension funds CPV/CAP Pensionskasse Coop and Eversource Retirement Plan Master Trust also took part in the round, as did venture capital firm WI Harper.
Founded in 2015, RWDC is working on cost-effective biopolymer materials, including polyhydroxyalkanoates (PHA) – a commercially viable, biodegradable plastic that is created through microbial fermentation.
The company will use the cash to meet demand for PHA by repurposing an idle factory in the US state of Georgia. The money will also go towards research and development activities.
Vickers Venture Partners and Eversource Retirement Plan Master Trust previously co-led a $22m series A3 round in April 2019, with participation from WI Harper.
Vickers and WI Harper co-led a $13m series A2 round in 2018, with contributions from Ridgevale Enterprises and assorted private investors. The company does not appear to have disclosed details about its earlier financing.