- Companies
- TBM
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
Goldman Sachs
SBI Holdings
ITOCHU
Shinsei Corporate Investment
UBS
Toppan Printing
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
Website
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
| Date | Stage | Valuation |
|---|---|---|
| Jul 2021 | Strategic investment | $1.2B |
| Mar 2019 | Series 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
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jul 2021 | Strategic investment | SK Group (lead); SKC; SK Materials; SK Siltron CSS | $123M | $1.2B | TBM 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 2020 | Pre-seed | SETTSU WAREHOUSE; Nippon TV; Yakuodo Holdings Co; Quantum; Shima Seiki; DCM Hldgs; Aderans; Dentsu | $200K | - | - |
| Mar 2019 | Series A | JR East Start Up (lead); Sanyo Chemical Industries (lead); SBI Holdings | $14M | $355M | TBM 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 2018 | Series A | France Bed Holdings; Goldman Sachs; Shinsei Corporate Investment; Mitsubishi Pencil; Dai Nippon Printing; Toppan Printing | $10M | - | - |
| Aug 2018 | Undisclosed stage | ITOCHU; 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 2017 | Strategic investment | NEDO (lead) | $5M | - | - |
| Feb 2016 | Strategic investment | UBS | $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
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 1 | Participant | Jul 2021 | ||
| 1 | Participant | Nov 2020 | ||
| 1 | Participant | Nov 2018 | ||
| 1 | Participant | Nov 2020 | ||
| 1 | Participant | Nov 2020 | ||
| 1 | Participant | Nov 2020 | ||
| 1 | Participant | Aug 2018 | ||
| 1 | Participant | Mar 2019 | ||
| 1 | Participant | Aug 2018 | ||
| 1 | Participant | Nov 2020 | ||
| 1 | Participant | Jul 2021 | ||
| 1 | Participant | Nov 2020 | ||
| 1 | Participant | Nov 2018 | ||
This data is available for Pro users. Sign up to see all 25 TBM investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions 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
| 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 Country | |
| HQ City | Kyoto |
| Deal Date | 6 Dec 2018 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all TBM acquisitions and their M&A valuation multiples. Start Free Trial | |
TBM Competitors
TBM competitors include listed companies like Vesuvius, Victrex, Hydrograph Clean Power and Elkem, and private ones like Recover and Bluepha.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $2.4B | $256M | $1.2B | 0.8x | ||
| Publicly listed | $398M | $82M | $1.1B | 2.8x | ||
| Publicly listed | $43K | ($8M) | $1.4B | - | ||
| Private | - | - | $1.1B | - | ||
| Publicly listed | $1.8B | $216M | $1.4B | 1.0x | ||
| Private | - | - | $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 FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $1.6B | ($339M) | 1.1x | 1.1x | (5.0x) | 5.7x | |||
| $2.4B | $256M | 0.8x | 0.8x | 7.6x | 6.7x | |||
| $3.4B | $383M | 0.8x | 0.7x | 6.7x | 6.1x | |||
| $826M | $114M | 1.8x | 2.1x | 12.9x | 10.7x | |||
| $398M | $82M | 2.9x | 2.8x | 14.1x | 12.0x | |||
| $43K | ($8M) | 30584.1x | - | (167.9x) | - | |||
| $1.8B | $216M | 1.2x | 1.0x | 9.6x | 8.7x | |||
| $646M | $99M | 0.9x | 0.9x | 5.8x | 5.6x | |||
This data is available for Pro users. Sign up to see all TBM competitors and their valuation data. Start Free Trial | ||||||||
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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