Novoloop Raises 21 Million to Scale Lifecycling Technology and Expand Global Reach

On June 25, 2025, Novoloop, a chemical recycling innovator, announced the successful completion of a $21 million Series B funding round, led by Taranis, an investment firm focused on climate infrastructure and industrial decarbonization. Other participants included SHOP Limited (Bata family office) and existing investor Valo Ventures. With this round, Novoloop’s total funding has surpassed $50 million, providing a significant boost for scaling its patented Lifecycling™ technology and advancing global industry partnerships.

Founded in 2015, Novoloop is tackling the global polyethylene (PE) waste problem, a plastic that is widely used but notoriously hard to recycle. Unlike traditional mechanical recycling, which struggles with contaminated or degraded PE, Novoloop’s Lifecycling™ technology chemically upgrades waste PE into high-value raw materials used in polyurethane production. This breakthrough reduces plastic waste and dependence on fossil-based resources, offering a scalable solution to the recycling challenge.

The new funding will primarily support the commercial scaling of Lifecycling™, enabling Novoloop to convert post-consumer PE into high-performance polyols and polyurethane, with applications in industries such as footwear, apparel, and automotive.

CEO and co-founder Miranda Wang stated: “Partnering with Taranis is a significant milestone. Their expertise in plastic circularity and industrial decarbonization aligns perfectly with our vision to bring Lifecycling™ to the global stage. This funding will accelerate the industrial deployment of our technology, producing cost-effective and sustainable polyurethane materials.”

Novoloop has achieved significant milestones over the past year. Its demonstration plant in India has achieved continuous production, proving the scalability of its technology. The company has also formed partnerships with leading polyurethane manufacturers in China, driving global adoption. With over 50 patents across 18 regions, Novoloop has built a robust intellectual property portfolio.

David Sorin, Managing Director at Taranis, said: “Novoloop’s breakthrough approach to upgrading hard-to-recycle polyethylene addresses a critical need in the global push for decarbonization and zero waste. We are honored to support their vision of creating a more circular and low-carbon plastics economy.”

Novoloop’s innovation has already delivered commercial success. In 2022, its Lifecycled™ thermoplastic polyurethane (TPU) was used in On’s Cloudprime running shoes, a groundbreaking product for the Swiss performance footwear brand. In 2025, Novoloop was named one of TIME’s Top Green Tech Companies, cementing its position as a leader in sustainable materials.

Looking ahead, Novoloop plans to focus its efforts on three key areas: the commercial launch of Lifecycling™, the construction of its first industrial-scale production facility, and partnerships with strategic manufacturers to expand into key markets, especially in Asia. By executing these strategies, Novoloop aims to amplify its impact on the circular economy and contribute to global sustainability goals.