Bureo Completes Series B Funding Round, Advancing Work to End Fishing Net Pollution
OXNARD, Calif., Dec. 8, 2023 /PRNewswire/ -- Bureo, a groundbreaking California-based B Corp that is on a mission to end fishing net pollution by providing fishermen with an end-of-life solution for discarded fishing nets, today announced it has closed a Series B investment in its latest funding round. The round was led by Toyota Tsusho Corporation and supported by Mirova, Ocean 14 Capital, Conservation International Ventures and Susquehanna Foundation. Tin Shed Ventures - Patagonia's venture capital fund - was the initial seed investor in Bureo.
Since its founding in 2013, Bureo remains the only supplier for 100% recycled, wild caught and discarded fishing nets that are 100% traceable to the source. Bureo works directly with the fishing communities to provide the resources needed to responsibly dispose of their fishing nets when they are no longer of use. And through recent advancements in Bureo's recycling process, the company is now able to convert the nets into a fully traceable, premium 100% recycled Nylon 6 material, called NetPlus, that rivals virgin Nylon 6 in durability and quality yet offers a proven reduction in environmental impact and lessens our reliance on virgin plastic.
"We feel a responsibility to bring our solution to more coastal communities around the world – and we are thankful for the increased recognition and resources to expand our work," says Bureo co-founder David Stover.
These recent investments will fund the growth of Bureo's net collection and recycling operation to a growing list of global coastal communities. As of today, Bureo is on track to collect more than 3.3 million pounds of end-of-life fishing nets within 2023 for recycling through actively operating in seven countries across the Americas (United States, Mexico, Panama, Ecuador, Peru, Chile, Argentina). Increased funding will also go towards an advanced traceability system that will deliver fishing net source information through QR codes that can be tracked throughout the supply chain of NetPlus material.
This funding round comes at a pivotal time for Bureo. As the company celebrates its 10th anniversary, it is also on track to represent 1% of the recycled Nylon fabric market globally, having collected more than 10 million pounds of discarded fishing nets for recycling to date. Companies currently using NetPlus recycled nylon in their products include Patagonia, Costa, Yeti, Rivian, Outerknown, Trek, Quicksilver, Orvis and more.
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SOURCE Bureo
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