TBM Valuation, Funding & Investors

TBM is valued at $1.2B as of July 2021.

See full TBM profile

Last TBM valuation

$1.2B

Strategic investment · Jul 2021

Last TBM funding round

$123M

Strategic investment · Jul 2021

Cumulative funding TBM raised

$182M

across 7 funding rounds

Key investors in TBM

TBM Overview

About TBM

TBM is a Tokyo-based manufacturer of LIMEX paper and plastic alternatives derived from limestone, reducing water usage by 90 percent compared to traditional paper. The company supplies offset printing sheets, packaging films, and calendars to brands in Japan and Asia. TBM operates production facilities in Chiba Prefecture with annual output exceeding 20,000 tons.


Founded

2011

HQ

JapanTokyo

Website

tb-m.com

Status

Privately held

Customer focus

B2B

Revenue model

Product sales

Valuation

$1.2B (Jul 2021)

TBM Valuation

TBM is currently valued at $1.2B, based on its strategic investment round in July 2021.

The $123M round was led by SK Group, with participation from SKC, SK Materials and SK Siltron CSS.

TBM's valuation has grown 3.5x from $355M at its Series A in March 2019 to $1.2B in July 2021, across 2 priced rounds.

TBM valuation by funding round

TBM valuation by funding round
DateStageValuation
Jul 2021Strategic investment$1.2B
Mar 2019Series A$355M

TBM Funding History

TBM has raised a total of $182M across 7 funding rounds.

TBM's first fundraising round was a $13M strategic investment round in February 2016. The most recent completed round was a $123M strategic investment round in July 2021.

TBM funding rounds

TBM funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Jul 2021Strategic investmentSK Group (lead); SKC; SK Materials; SK Siltron CSS$123M$1.2BTBM is a Japanese startup founded in 2011 that develops LIMEX, an eco-friendly material primarily made from limestone (calcium carbonate), serving as an alternative to plastic and paper products. LIMEX reduces CO2 emissions by approximately 50 times compared to petroleum-based resins and is already used by 6,000 companies and local governments in Japan. In July 2021, SK Group affiliates—SK Inc., SKC, SK Materials, and SK Siltron—through their investment vehicle SK Japan Investment, invested 140 billion KRW (approximately $123 million) to acquire a 10% stake in TBM, marking their first investment from a 40 billion yen fund raised for Japanese opportunities. The investment highlights TBM's unicorn status and growth potential amid global efforts to curb plastic use, such as EU bans on disposable plastics and China's restrictions. Under the deal, SK Japan Investment gained marketing rights for LIMEX in Korea and the US. Separately, TBM and SKC agreed to form a joint venture, SK TBMGEOSTONE Co., Ltd., to develop, manufacture, and sell biodegradable LIMEX by combining TBM's high-filling calcium carbonate technology with SK's polybutylene adipate terephthalate (PBAT) biodegradable plastic, aiming for cost competitiveness with other biodegradables. The JV targets commercial launch of biodegradable LIMEX in 2022, followed by mass production in 2023, with plans to build a production factory and reach 1 million tons annual capacity by 2030. This partnership leverages SK's sales channels and manufacturing expertise to expand LIMEX applications, including heat- and pressure-resistant variants, positioning TBM for international growth in sustainable materials.
Nov 2020Pre-seedSETTSU WAREHOUSE; Nippon TV; Yakuodo Holdings Co; Quantum; Shima Seiki; DCM Hldgs; Aderans; Dentsu$200K--
Mar 2019Series AJR East Start Up (lead); Sanyo Chemical Industries (lead); SBI Holdings$14M$355MTBM Co. is a Japanese startup that manufactures stone paper—business cards, plastic folders, and food containers made from limestone rather than wood pulp. The technology offers environmental benefits including water conservation and biodegradability while using a mineral resource available globally. In May 2019, TBM was valued at ¥56.3 billion as it pursued additional funding to expand internationally ahead of a planned initial public offering within a couple of years. The company had previously raised ¥1.6 billion and ¥3.1 billion in two earlier rounds and was seeking several billion yen in the latest funding round. Notable investors in TBM include Goldman Sachs Group Inc., Itochu Corp., and Toppan Printing Co., Japan's largest printer by sales.
Nov 2018Series AFrance Bed Holdings; Goldman Sachs; Shinsei Corporate Investment; Mitsubishi Pencil; Dai Nippon Printing; Toppan Printing$10M--
Aug 2018Undisclosed stageITOCHU; DIP$18M-TBM Co., Ltd., founded in 2011 and headquartered in Tokyo, develops, manufactures, and sells LIMEX, an eco-friendly material made primarily from limestone as a sustainable alternative to paper and plastic, reducing reliance on virgin resources. LIMEX holds patents in over 40 countries, including Japan, China, Europe, and the U.S., positioning TBM in the circular economy space focused on material circulation and recycling. On August 31, 2018, ITOCHU Corporation announced a capital investment and business alliance with TBM to expand the LIMEX business, particularly in raw material procurement, overseas sales, application development, and licensing support utilizing ITOCHU's global network; TBM's capital was reported as 6,070,800,000 yen (including legal capital surplus) as of March 2018. TBM has since expanded with recycling plants, such as a LIMEX and plastic facility in Yokosuka (2022, 40,000 tons annual processing capacity) and CirculeX recycled plastic products, alongside international ventures like TBM VN in Vietnam. The company employs around 270-340 people (2022-2023) and has gained recognition at events like COP, G20, and UNIDO's STePP platform.
Aug 2017Strategic investmentNEDO (lead)$5M--
Feb 2016Strategic investmentUBS$13M--

Who has invested in TBM?

25 investors have backed TBM across its funding rounds, including Goldman Sachs, SBI Holdings, ITOCHU, Shinsei Corporate Investment, UBS and Toppan Printing.

Lead investors include SK Group, JR East Start Up, Sanyo Chemical Industries and NEDO.


TBM Investors

Investors in TBM by funding rounds participated
InvestorHQRoundsRoleFirst check
SKCSouth KoreaSouth Korea1ParticipantJul 2021
SETTSU WAREHOUSEJapanDaito1ParticipantNov 2020
France Bed HoldingsJapanTokyo1ParticipantNov 2018
Nippon TVJapanJapan1ParticipantNov 2020
Yakuodo Holdings CoJapanTokyo1ParticipantNov 2020
QuantumEgyptCairo1ParticipantNov 2020
ITOCHUJapanTokyo1ParticipantAug 2018
SBI HoldingsJapanTokyo1ParticipantMar 2019
DIPJapanTokyo1ParticipantAug 2018
Shima SeikiJapanWakayama1ParticipantNov 2020
SK MaterialsSouth KoreaSeoul1ParticipantJul 2021
DCM HldgsJapanTokyo1ParticipantNov 2020
Goldman SachsUnited StatesNew York City, NY1ParticipantNov 2018

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Acquisitions by TBM

TBM has acquired 1 company to date.

Last acquisition by TBM was on December 6th 2018. TBM acquired Bioworks for undisclosed valuation.


Latest Acquisitions by TBM

Bioworks
Description
Bioworks is a Tokyo-based producer of plant-derived polylactic acid and biodegradable bioplastics. It supplies PLA resins for packaging, fibers, and films to manufacturers in Japan and Asia. Established in 2019, Bioworks operates facilities in Chiba Prefecture processing corn starch into high-purity polymers. The company supports recycling initiatives with compostable grades compliant with EN 13432 standards.
HQ CountryJapan
HQ City
Kyoto
Deal Date6 Dec 2018
Valuationundisclosed
EV/Revenue
EV/EBITDA

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TBM Competitors

TBM competitors include listed companies like Vesuvius, Victrex, Hydrograph Clean Power and Elkem, and private ones like Recover and Bluepha.

Public and private companies comparable to TBM
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
VesuviusUnited KingdomUnited KingdomPublicly listed$2.4B$256M$1.2B0.8x
VictrexUnited KingdomUnited KingdomPublicly listed$398M$82M$1.1B2.8x
Hydrograph Clean PowerCanadaCanadaPublicly listed$43K($8M)$1.4B-
RecoverSpainSpainPrivate--$1.1B-
ElkemNorwayNorwayPublicly listed$1.8B$216M$1.4B1.0x
BluephaChinaBeijingPrivate--$1B-

TBM Public Comps

TBM is still privately-owned, but its public comps include Orora, Vesuvius, Cascades, Myers Industries, Victrex, Hydrograph Clean Power, Elkem, TriMas, Mersen and Elopak.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Orora$1.6B($339M)1.1x1.1x(5.0x)5.7x
Vesuvius$2.4B$256M0.8x0.8x7.6x6.7x
Cascades$3.4B$383M0.8x0.7x6.7x6.1x
Myers Industries$826M$114M1.8x2.1x12.9x10.7x
Victrex$398M$82M2.9x2.8x14.1x12.0x
Hydrograph Clean Power$43K($8M)30584.1x-(167.9x)-
Elkem$1.8B$216M1.2x1.0x9.6x8.7x
TriMas$646M$99M0.9x0.9x5.8x5.6x

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Common questions about TBM

When was TBM founded?TBM was founded in 2011.
Where is TBM headquartered?TBM is headquartered in Tokyo, Japan.
Is TBM publicly listed?No, TBM is a private, VC-backed company.
What is TBM's valuation?TBM was last valued at $1.2B in its strategic investment round in July 2021.
How much funding has TBM raised?TBM has raised $182M across 7 funding rounds.
What was TBM's last funding round?TBM's last funding round was a $123M strategic investment round in July 2021, led by SK Group.
Who are TBM's investors?TBM's investors include SKC, SETTSU WAREHOUSE, France Bed Holdings, Nippon TV, Yakuodo Holdings Co, Quantum, ITOCHU, SBI Holdings, DIP, Shima Seiki and 15 others.
Which companies are comparable to TBM?Companies comparable to TBM include Vesuvius, Victrex, Hydrograph Clean Power, Recover, Elkem and Bluepha.
How many companies has TBM acquired?TBM has acquired 1 company, including Bioworks.

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