Algenesis lands $5M in funding round to develop algae-based plastics

In Singapore, Algenesis Corporation has raised $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.