Novoloop, known for its innovative approach to chemical recycling, has successfully raised $21 million in a Series B funding round led by Taranis. The funding will help Novoloop advance its proprietary Lifecycling™ technology, a process that converts post-consumer polyethylene waste into high-performance polyol and polyurethane materials.
Joining Taranis in this funding round were existing investor Valo Ventures and SHOP Limited, the family office of the renowned Bata Shoe Company. This new capital injection brings Novoloop’s total fundraising efforts to over $50 million.
The plastics recycling industry is experiencing a growing demand for sustainable solutions, particularly for materials like polyethylene, traditionally challenging to recycle. Novoloop addresses this issue through its unique Lifecycling™ method, offering an economically viable and eco-friendly alternative to fossil-based materials.
"We are thrilled to partner with Taranis, whose deep commitment in plastic circularity and industrial decarbonization aligns with our ambition to scale Lifecycling™ globally," said Miranda Wang, CEO and Co-Founder of Novoloop. "This round positions us to meet growing demand from a wider supply chain seeking circular and cost-competitive polyurethanes through the industrial scale-up of our first-of-a-kind technology."
Funds from this round will accelerate the commercialization and scaling of Novoloop’s technology, supporting new partnerships and customer programs. The company plans significant expansion, including further operational developments at its demonstration plant in India and preparations for its first full-scale commercial facility.
Novoloop aims to grow its presence across diverse sectors, including footwear, apparel, and automotive industries, providing sustainable materials that meet increasing regulatory pressures and consumer preferences for eco-friendly products.
Founded in 2015 by Miranda Wang and based in California, Novoloop specializes in transforming difficult-to-recycle plastics through chemical recycling. Its technology chemically converts polyethylene waste into low-carbon polyols and polyurethanes, significantly reducing reliance on petroleum-based materials.
Novoloop currently holds 50 granted and pending patents across 18 regions and has previously partnered with high-profile brands. In 2022, Novoloop’s Lifecycled™ TPU featured in On’s Cloudprime sneaker, marking a significant market debut. In 2025, the company gained further recognition when TIME Magazine named it among the World’s Top Greentech Companies.
Taranis, the lead investor in this round, operates as part of the Perenco Group and specializes in backing sustainable initiatives in energy and environmental sectors. Their investment underscores Novoloop's critical role in advancing circular economy solutions for plastics.
David Sorin, Managing Director of Taranis, expressed strong support, stating, “As the world looks to decarbonize materials and eliminate waste, Novoloop offers a breakthrough solution for upcycling polyethylene—one of the hardest plastics to recycle. Their technology fits within our mission to decarbonize heavy industries and scale circular infrastructure. We are proud to back the team in building a more circular, low-carbon plastics economy.”
