Novoloop, a chemical recycler of plastics based in the Silicon Valley, has closed a new funding round, raising $21 million to scale its proprietary Lifecycling technology. This brings total capital raised to $50 million, it said.
Founded in 2015, the company chemically recycles post-consumer polyethylene into polyols and polyurethanes that can find applications in footwear, apparel and automotive.
Novoloop’s Lifecycled TPU was first launched by On Running in its Cloudprime sneakers in 2022. In 2025, the company was named one of Time magazine’s Top Greentech Companies.
Image courtesy of On Running
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