Algenesis Corporation has raised US$5 million in funding, led by First Bight Ventures and Circulate Capital, to scale production of its innovative biodegradable polyurethane technology.

Target Information

Algenesis Corporation is a leading company in plant-based material science, specializing in the development of bio-based plastics. The company recently raised US$5 million in a funding round led by First Bight Ventures, along with participation from Circulate Capital and others. Algenesis has pioneered the creation of bioPolyurethane (bioPU) through its patented Soleic® technology, which is recognized as the world's first high-performance, fully biodegradable, and backyard compostable bioPU derived from renewable sources including plants and algae.

Annually, around 25 million tons of Polyurethane (PU) are produced, constituting approximately 6% of total plastic consumption. This versatile material finds extensive applications in industries such as footwear, medical equipment, and textiles. However, traditional PU is notoriously difficult to recycle, leading to significant environmental waste as it predominantly ends up in landfills or contributes to microplastic pollution. Algenesis' Soleic® bioPU offers a sustainable alternative that biodegrades in compost within months and is free from harmful PFAS chemicals, while also reducing greenhouse gas emissions by up to 50% compared to petroleum-based PU.

Industry Overview

The global polyurethane market has witnessed persistent growth, driven by increased applications across several sectors. In recent years, there has been a pronounced shift toward sustainable practices, with consu