WEBIT Founders Games
Novoloop
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| Startup Name: | Novoloop |
| Country: | United States |
| Date Founded: | /5/2015 |
| Financial Stage: | Round A |
| Area: | CleanTech |
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Novoloop is a circular economy technology company that is committed to addressing the plastic waste problem and creating a more sustainable future. The company invented a chemical technology to convert post-consumer plastic waste into the world's first chemically upcycled low-carbon elastomers that acts as a true drop-in replacement for fossil-based performance materials.
Globally, over 300 million metric tons of plastic waste is produced each year. Only less than 10% of plastic is recycled. The rest is landfilled, incinerated, and leaked into the environment because we do not have enough ways to use plastic waste economically.
This problem affects everyone. In poorer countries that are net importers of wealthy nations' waste, plastic pollution is a significant health and environmental hazard.
Plastic waste is linked to greenhouse gas emissions in several ways. First, the production of plastic itself is a significant source of greenhouse gas emissions, as the process of extracting and refining fossil fuels (the primary raw material for plastic production) releases large amounts of carbon dioxide into the atmosphere.
This problem affects everyone. In poorer countries that are net importers of wealthy nations' waste, plastic pollution is a significant health and environmental hazard.
Plastic waste is linked to greenhouse gas emissions in several ways. First, the production of plastic itself is a significant source of greenhouse gas emissions, as the process of extracting and refining fossil fuels (the primary raw material for plastic production) releases large amounts of carbon dioxide into the atmosphere.
Product side: Fossil- and bio-based TPU producers like Huntsman, Lubrizol, BASF are the main competitors. Novoloop's product has a better carbon footprint and is upcycled from plastic waste while achieving price parity with the competition.
Our business model is to scale-up our technology into a chemical plant by 2026 and to produce up to 20,000 metric tons per year of sustainable materials. This
Our customers are consumer-facing brands in footwear, apparel, automotive, and sporting goods. We provide a high-performance material (i.e. thermoplastic polyurethane) at a 30-50% smaller CO2 footprint while delivering drop-in replacement processing, properties, and price to fossil-based TPU. Through our chemical invention, we offer a climate-friendly alternative while removing the economical trade-off.
Our publicly announced customers are On Running and Bemis Associates. We are currently being adopted by a customer pipeline valued at $40M+ ARR.
We attract our customers through trade shows and by leveraging the press exposure of past success to attract inbound interest.
Our publicly announced customers are On Running and Bemis Associates. We are currently being adopted by a customer pipeline valued at $40M+ ARR.
We attract our customers through trade shows and by leveraging the press exposure of past success to attract inbound interest.
Past Achievements:
1. invented Accelerated Thermal Oxidative Decomposition technology for converting the most common plastic waste into high performance materials. 46 patents granted and pending.
2. Demonstrated product performance with On Running and Bemis Associates. Currently in high demand from customers seeking sustainable materials.
3. Built out a 15,000 sqft R&D and pilot facility in Menlo Park, California staffed with 40+ FTE
4. Raised $25million+ VC funding to date
Future Milestones:
1. Select plant co-location site and partner
2. Design, build demand, and fundraise for first-of-a-kind plant
3. Begin operating business to transform plastic waste into sustainable materials
4. Become profitable, go IPO
1. invented Accelerated Thermal Oxidative Decomposition technology for converting the most common plastic waste into high performance materials. 46 patents granted and pending.
2. Demonstrated product performance with On Running and Bemis Associates. Currently in high demand from customers seeking sustainable materials.
3. Built out a 15,000 sqft R&D and pilot facility in Menlo Park, California staffed with 40+ FTE
4. Raised $25million+ VC funding to date
Future Milestones:
1. Select plant co-location site and partner
2. Design, build demand, and fundraise for first-of-a-kind plant
3. Begin operating business to transform plastic waste into sustainable materials
4. Become profitable, go IPO
Financing Stage:
Seed:| Raised money: | 2300000 USD |
| Valuated at: | 7600000 |
| Investor: | SOSV, First Round Capital, Marc Benioff |
| Closing Date: | 09/2018 |
| Raised money: | 2'800'000 USD |
| Valuated at: | 35'000'000 USD |
| Investor: | Mistletoe, Marc Benioff, Elemental Excelerator |
| Closing Date: | 07/2020 |
| Raised money: | 21'000'000 USD |
| Valuated at: | 63'000'000 USD |
| Investor: | Envisioning Partners, Hanwha Solutions, Mistletoe |
| Closing Date: | 04/2022 |
Current Revenue:
| Current Year: | 410000 USD |
| 1 year ago: | 280000 USD |
| 2 years ago: | 0 USD |
| 3 years ago: | 0 USD |
Next year expected revenue:
930000 USD
930000 USD
Development Stage:
Pre-revenue
Pre-revenue
Аre you in currently in an open Investment round?
Yes
Yes
What is the company valuation for this round by the lead investor?
150'000'000 EUR
150'000'000 EUR
What is the amount of financial commitments you have so far?:
12'000'000 EUR
12'000'000 EUR
What would be ideal amount of financing via the Founders Games?:
3'000'000 EUR
3'000'000 EUR
Who is the lead investor for your round?:
Valo Ventures
Valo Ventures
| Team member 1: | Miranda Wang |
| Position: | Cofounder & CEO |
| LinkedIn Profile: | View Profile » |
| Bio: | Miranda Wang is a venture-backed climate tech entrepreneur. She is the Co-founder and CEO of Novoloop, an emerging leader in plastic circularity, transforming post-consumer plastic waste into the world’s first chemically upcycled performance materials. Headquartered in Menlo Park, California, the venture-backed start-up has raised $25M to date and is building and scaling new technologies to reinvent the chemical value chain. Miranda was born in Qingdao, China, lived in Tokyo, Japan and grew up in Vancouver, Canada. She studied at McGill University before transferring to the University of Pennsylvania, where she graduated in 2016 with a BA in molecular biology, minoring in philosophy and engineering entrepreneurship. Her work in the plastics circular economy space began after visiting the Vancouver South Waste Transfer Station, as featured in award-winning documentary film “In Love With A Problem”. What started as a science fair project with high school best friend Jeanny Yao, who later became her cofounder, led to a speaking opportunity at the TED2013 Conference on an idea to break down plastic waste. In 2015, Novoloop was founded (fka BioCellection) with the backing of Bill Liao from SOSVentures and over $150,000 in grant funding awarded through the UPenn and Wharton entrepreneurship ecosystem. Miranda’s career has been highlighted by numerous organizations and awards including Forbes 30 Under 30 in 2018 at the age of 24, Pritzker Emerging Environmental Genius Award, UN Young Champions of the Earth, World Economic Forum Technology Pioneer, Hurun Under 30, Rolex Awards for Enterprise, Echoing Green Climate Fellowship, TIME magazine’s “Women Who Will Save The World” and Entrepreneur magazine’s “100 Women of Influence.” Miranda lives in San José, California and is an amateur horticulturist in love with the balance of intentionality and nature. |
| Team member 2: | Jeanny Yao |
| Position: | Cofounder & COO |
| LinkedIn Profile: | View Profile » |
| Bio: | Jeanny oversees Novoloop’s operations, from bringing exceptional talent to join their mission to enabling research and scale-up capabilities at the company’s expanding facilities. She co-founded Novoloop in 2015 with her childhood best friend, Miranda, and the pair developed the idea and proof-of-concept for the company’s ATOD™ technology. She has been recognized as Forbes 30 Under 30 and Echoing Green Climate Fellow. Jeanny lives in the San Francisco Bay Area with her husband whom she met at a Bay Area Contra Dance. |
| Team member 3: | Jennifer Le Roy |
| Position: | Chief Technology Officer |
| LinkedIn Profile: | View Profile » |
| Bio: | Jennifer leads technology innovation at Novoloop, creating processes and products to drive circularity of plastics. With a background in chemistry and material engineering, Jennifer has experience building and managing teams across diverse technical disciplines. Prior to Novoloop, Jennifer was a Research Fellow at The University of Oxford, working on energy-efficient systems and advanced materials. Jennifer’s love of chemistry doesn’t just apply to recycling; once a year, she will migrate up to Canada for a weekend of maple syrup making on her family’s farm. |
| Team member 4: | Brad Martin |
| Position: | Head of Sales |
| LinkedIn Profile: | View Profile » |
| Bio: | Brad is leading commercial efforts for Novoloop’s Oistre™ TPU product line. He brings 26 years of experience from his days at BASF where he worked in technical, sales, marketing, and business development. He spent the majority of those years supporting a broad portfolio of thermoplastics –including TPU – going into a range of industries and applications. Brad works from a home office just outside of Detroit, Michigan, where he and his wife successfully raised a family of two children to want to leave the house. |
| Team member 5: | Nedim Hasanbegovic |
| Position: | Director of Engineering and Process Technology |
| LinkedIn Profile: | View Profile » |
| Bio: | Nedim is leading the scale-up of Novoloop’s process technology. He brings 15 years of experience managing R&D and Engineering Teams through the development, design, and operation of novel processes at pilot and commercial scale. Nedim obtained his MSc in Chemical Engineering from the Norwegian University of Science and Technology. Before joining Novoloop, he was developing new biomass upgrading technologies at BP. Most recently, he worked for Hazel Technologies, where he scaled up the manufacturing process from bench-top glassware to commercial operation. |