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- RWDC Industries
RWDC Industries Funding, Investors & Competitors
RWDC Industries has raised $263M across 4 funding rounds, most recently a $95M Series B in November 2021.
Last RWDC Industries funding round
$95M
Series B · Nov 2021
Cumulative funding RWDC Industries raised
$263M
across 4 funding rounds
Key investors in RWDC Industries
Vickers Venture Partners
WI Harper Group
EverSource Capital
CPV / CAP Pension Fund Coop.
Temasek
Flint Hills Resources
Optimas Capital Partners Fund
International SA
About RWDC Industries
RWDC Industries is a San Francisco-headquartered manufacturer of Solon bioplastics derived from medium-chain-length polyhydroxyalkanoates produced via bacterial fermentation of plant oils and sugars. Its materials biodegrade fully in soil, freshwater, and marine environments under ASTM D6400 and OK Biodegradable Marine certifications. Used in cutlery, straws, cup lids, packaging, and hygiene products, Solon replaces petroleum-based plastics for brands seeking sustainable alternatives.
Founded
2015
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Product sales
RWDC Industries Funding History
RWDC Industries has raised a total of $263M across 4 funding rounds.
RWDC Industries' first fundraising round was a $13M Series A in October 2018. The most recent completed round was a $95M Series B in November 2021.
RWDC Industries funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Nov 2021 | Series B | Temasek (lead); Vickers Venture Partners (lead); CPV / CAP Pension Fund Coop.; Optimas Capital Partners Fund | $95M | RWDC Industries is a Singapore-based biotech startup developing polyhydroxyalkanoate (PHA), a biodegradable biopolymer material branded as Solon, aimed at replacing fossil fuel-based plastics in sustainable packaging for fast-moving consumer goods brands. The company focuses on addressing climate change and marine litter through its fully biodegradable alternative to conventional plastics. On November 23, 2021, RWDC closed a $95.1 million Series B2 funding round co-led by Temasek Holdings and Vickers Venture Partners, with participation from CPV/CAP Pensionskasse Coop, Optimas Global Healthcare Fund, and existing shareholders. This brought the company's total funding to $208 million. Proceeds will expand PHA production capacity at its Athens, Georgia plant to 50 kilotons per year and develop a new facility in Singapore, the first such plant in the region, with site discussions ongoing with authorities. This scaling supports global adoption of sustainable packaging, helping brands meet 2025 commitments for 100% recyclable, biodegradable, or compostable packaging. RWDC's technology emerged from winning the 2018 Temasek Foundation Ecosperity Liveability Challenge. Executives highlighted the funding's role in accelerating production amid Asia's plastic waste challenges and enabling innovation in PHA applications. The company has backing from notable figures like Robert Downey Jr. and operates plants in the US while expanding in Asia. |
| May 2020 | Series B | CPV / CAP Pension Fund Coop. (lead); Flint Hills Resources (lead); International SA (lead); Vickers Venture Partners (lead); EverSource Capital; WI Harper Group | $133M | RWDC Industries Limited is a Singapore-based biotech startup developing biodegradable bioplastic materials, specifically polyhydroxyalkanoates (PHAs), which are produced through microbial fermentation of plant-based oils or sugars. The company was co-founded in 2015 by CEO Dr. Daniel Carraway, a serial entrepreneur with a career in paper and bioplastics who previously founded companies that became cornerstones of the bioplastics industry, and Executive Chairman Roland Wee. RWDC positions PHA as the only commercially viable biodegradable bioplastic alternative to conventional single-use plastics, addressing growing demand from consumer brands and regulatory pressure globally. In May 2020, RWDC closed a $133 million Series B funding round led by Vickers Venture Partners, with participation from Flint Hills Resources (chemicals and biofuel subsidiary of Koch Industries), International (an alternative investment fund operated by Interogo Holding, an Ikea-affiliated entity), pension funds CPV/CAP Pensionskasse Coop and Eversource Retirement Plan Master Trust, and venture capital firm WI Harper. The company previously completed a $22 million Series A3 round in April 2019 co-led by Vickers Venture Partners and Eversource, and a $13 million Series A2 round in 2018. The Series B funding was allocated to expand production capacity through a new manufacturing facility in Athens, Georgia, to meet growing PHA demand and support research and development. At the time of the Series B round, RWDC had capacity to produce approximately 5,000 metric tons of PHA and planned to expand to half a million tons, though this remained a small fraction of the $234 billion global plastic packaging market. The broader bioplastics market was valued at $95 million in 2019, but represented substantial long-term opportunity as regulatory pressures and consumer demand for sustainable alternatives continued to accelerate. |
| Apr 2019 | Series A | EverSource Capital (lead); Vickers Venture Partners (lead); WI Harper Group | $22M | RWDC Industries is a Singapore-based biotech startup founded by CEO Dr. Daniel Carraway and Executive Chairman Roland Wee, developing innovative biopolymer material solutions to address the global single-use plastic crisis. The company specializes in polyhydroxyalkanoates (PHAs), naturally produced biopolymers created through microbial fermentation of plant-based oils or sugar, recognized as the only commercially viable biodegradable bioplastic. In April 2019, RWDC closed an oversubscribed Series A3 funding round of US$22 million, led by Vickers Venture Partners and Eversource Retirement Plan Master Trust (the pension fund of Fortune 500 energy company Eversource Energy), with participation from previous investor WI Harper Group. The funding marked RWDC's first US-based institutional investor and followed the company's Series A2 round of US$13 million just six months prior. During the six months between Series A2 and A3, RWDC expanded its PHA production capacity in Athens, Georgia, initiated development programs on new applications such as nonwoven fabrics, and successfully completed trials with clients on PHA straws and coated paper. By May 2020, the company closed a US$133 million Series B round and established a 5,000-tonne-per-year demonstration facility in Athens in 2021, with plans to expand to 25,000 tonnes annually by 2023, positioning itself as a leader in sustainable plastic alternatives. |
| Oct 2018 | Series A | Vickers Venture Partners (lead); WI Harper Group (lead) | $13M | RWDC Industries, a Singapore-based biotech startup, develops biodegradable biopolymers as plastic alternatives. On October 10, 2018, it closed a US$13 million Series A2 funding round co-led by Vickers Venture Partners and WI Harper Group, with participation from Ridgevale Enterprises Limited and individual investors. Vickers Chairman Dr. Finian Tan and WI Harper Chairman Mr. Peter Liu joined RWDC’s board of directors as part of the round. The funding supports RWDC’s efforts to produce biodegradable plastics, including straws, aiming to create a greener planet. This round followed prior investments and preceded a US$22 million Series A3 in April 2019 led by Vickers Venture Partners and Eversource Retirement Plan Master Trust, bringing total early-stage funding higher. |
Who has invested in RWDC Industries?
8 investors have backed RWDC Industries across its funding rounds, including Vickers Venture Partners, WI Harper Group, EverSource Capital, CPV / CAP Pension Fund Coop., Temasek and Flint Hills Resources.
Lead investors include Temasek, Vickers Venture Partners, CPV / CAP Pension Fund Coop., Flint Hills Resources, International SA and 2 other investors.
RWDC Industries Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 4 | Lead | Oct 2018 | ||
| 3 | Lead | Oct 2018 | ||
| 2 | Lead | Apr 2019 | ||
| 2 | Lead | May 2020 | ||
| 1 | Lead | Nov 2021 | ||
| 1 | Lead | May 2020 | ||
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialRWDC Industries Competitors
RWDC Industries competitors include listed companies like First Solar and Nextracker, and private ones like Zume, PhaBuilder, BioElements and Toraphene.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $1.9B | - | ||
| Private | - | - | $287M | - | ||
| Private | $6M | - | $200M | 33.3x | ||
| Private | $1M | - | $111M | 110.5x | ||
| Publicly listed | $5.2B | $2.1B | $22B | 4.0x | ||
| Publicly listed | $3.6B | $747M | $13B | 2.9x |
RWDC Industries Public Comps
RWDC Industries is still privately-owned, but its public comps include Smurfit WestRock, Coca-Cola FEMSA, First Solar, Packaging Corporation of America, Amcor, International Paper, Ball, Avery Dennison, Nextracker and Crown Holdings.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $31B | $4.2B | 1.2x | 1.2x | 8.8x | 7.5x | |||
| $17B | $3.1B | 1.6x | 1.5x | 8.5x | 7.5x | |||
| $5.2B | $2.1B | 3.8x | 4.0x | 9.7x | 7.7x | |||
| $9B | $1.8B | 2.8x | 2.5x | 14.1x | 12.3x | |||
| $24B | $3.3B | 1.4x | 1.4x | 10.0x | 9.1x | |||
| $24B | ($142M) | 1.2x | 1.1x | (195.7x) | 8.8x | |||
| $13B | $2B | 1.7x | 1.6x | 11.2x | 10.8x | |||
| $8.9B | $1.4B | 1.9x | 1.8x | 11.8x | 10.9x | |||
This data is available for Pro users. Sign up to see all RWDC Industries competitors and their valuation data. Start Free Trial | ||||||||
Common questions about RWDC Industries
| When was RWDC Industries founded? | RWDC Industries was founded in 2015. |
| Where is RWDC Industries headquartered? | RWDC Industries is headquartered in Singapore, Singapore. |
| Is RWDC Industries publicly listed? | No, RWDC Industries is a private, VC-backed company. |
| How much funding has RWDC Industries raised? | RWDC Industries has raised $263M across 4 funding rounds. |
| What was RWDC Industries' last funding round? | RWDC Industries' last funding round was a $95M Series B in November 2021, led by Temasek and Vickers Venture Partners. |
| Who are RWDC Industries' investors? | RWDC Industries' investors include Vickers Venture Partners, WI Harper Group, EverSource Capital, CPV / CAP Pension Fund Coop., Temasek, International SA, Flint Hills Resources and Optimas Capital Partners Fund. |
| Which companies are comparable to RWDC Industries? | Companies comparable to RWDC Industries include Zume, PhaBuilder, BioElements, Toraphene, First Solar and Nextracker. |
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