Bureo Secures Funding to Expand Net Collection and Recycling Operation
Bureo, a company dedicated to sustainable solutions, has successfully raised funds in a round led by Toyota Tsusho Corporation, with support from Mirova, Ocean 14 Capital, Conservation International Ventures, and Susquehanna Foundation.
Notably, Tin Shed Ventures, the venture capital arm of Patagonia, played a crucial role as the initial seed investor in Bureo.
Accelerating Growth and Traceability:
The funds acquired are earmarked for accelerating the growth of Bureo’s net collection and recycling operation, which spans global coastal communities.
Additionally, the company aims to develop an advanced traceability system, employing QR codes to provide detailed information on the source of fishing nets.
This innovative system will enable tracking throughout the supply chain of NetPlus material.
Direct Collaboration with Fishing Communities:
Under the leadership of David Stover, Bureo has established direct collaboration with fishing communities, providing the necessary resources for responsible disposal of fishing nets.
Recent advancements in the recycling process now allow Bureo to transform these nets into NetPlus, a premium 100% recycled Nylon 6 material with full traceability.
Environmental Impact and Collection Goals:
Bureo’s commitment to environmental impact is demonstrated by its goal to collect over 3.3 million pounds of end-of-life fishing nets in 2023.
Operating actively in seven countries across the Americas, including the United States, Mexico, Panama, Ecuador, Peru, Chile, and Argentina, the company is making significant strides in sustainable practices.
NetPlus Adoption by Leading Companies:
Several prominent companies, such as Patagonia, Costa, Yeti, Rivian, Outerknown, Trek, Quicksilver, Orvis, and more, have embraced Bureo’s NetPlus recycled nylon in their products.
This adoption signifies a growing trend among industry leaders to integrate sustainable materials into their offerings.
Funding and Environmental Impact:
The support from Toyota Tsusho Corporation and other investors underscores the recognition of Bureo’s impactful initiatives.
The focus on expanding net collection, developing traceability systems, and partnering with major brands reflects a commitment to addressing environmental challenges through innovative and sustainable practices.
Conclusion:
In conclusion, Bureo’s successful funding round marks a significant step towards realizing its vision of sustainable net collection and recycling.
With a clear focus on traceability and collaborative efforts with fishing communities, the company is poised to make substantial contributions to environmental conservation and responsible material sourcing.
