Climate-tech start-up TripleW has raised $16.5M in Series B funding for its novel approach to food waste conversion. The round was led by Firstime VC and with the participation of Israel Oil and Gas Fund, LG Technology Ventures, Millennium Food-Tech VC, Consensus Business Group, Eddy Shalev, John Zyskind and Tal Shapira.
Food waste is a major topic within the climate tech industry. According to Leket Israel’s Food Waste and Rescue Report, 2021 saw 2.6 million tons of wasted food — 37% of the nation’s food production, worth about NIS 21.3 billion — end up in the trash.
While several companies are working to eliminate food waste from the source (such as Israeli climate-tech poster child HomeBiogas, which has developed what is essentially a super composter), a large portion of it still ends up in landfills, others still are attempting to convert wasted food into useful resources. TripleW is one such company.
The Israeli company has developed technology that converts ordinary food waste into lactic acid and polylactic acid, which they then use to produce bioplastic. There has been an increase in the use of PLA plastic polymers in recent years, as they require over 60% less energy to produce, create nearly 70% less greenhouse gasses than their predecessors, and can be composted under industrial conditions.
How will TripleW use its latest funding?
TripleW intends to use its latest funding to grow its engineering and R&D teams to develop full-scale projects and deliver its technology to reduce plastic waste and food waste.
“This funding round will enable TripleW to ramp our proven technology from demo scale to commercial scale by transforming multiple existing large-scale waste management installations. We are uniquely positioned to mitigate the effects of climate change by decarbonizing food and plastic waste on a massive scale,” said TripleW’s CEO, Tal Shapira. “Our technology has demonstrated the power of the circular economy to improve the sustainability of existing waste management infrastructures while increasing their revenue and profitability.”
“Our technology has demonstrated the power of the circular economy to improve the sustainability of existing waste management infrastructures while increasing their revenue and profitability.”
Firstime VC managing partner, Jonathan Benartzi, added: “In recent years, TripleW has proved to be a globally leading developer of innovative scientific and technological solutions, implementing unique business models that enable it to carry the message of circular economy to the world. We are happy to lead an investment round for TripleW and are confident that it will help the company make a significant leap forward in facing the issue of food waste and economically producing raw materials.”