CA-based Bureo secures its series B round funding. Toyota Tsusho Corporation led the funding round, with assistance from Susquehanna Foundation, Mirova, Ocean 14 Capital, and Conservation International Ventures.
Bureo’s first seed investor was Tin Shed Ventures, a venture capital fund owned by Patagonia. With the funding, the business plans to expand its net collection and recycling business to a number of coastal regions throughout the world.
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Under the leadership of David Stover, Bureo collaborates closely with fishing communities to give them the tools they need to properly dispose of their fishing nets after they are no longer in use.
Furthermore, the business can now turn the nets into NetPlus, a premium, 100% recycled Nylon 6 material that is fully traceable and totally recycled thanks to recent improvements in its recycling process.
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As of right now, Bureo is on pace to actively operate in seven countries across the Americas (the United States, Mexico, Panama, Ecuador, Peru, Chile, Argentina) and collect over 3.3 million pounds of end-of-life fishing nets for recycling by 2023.
About Bureo
Bureo, which has offices in both the US and Chile, is committed to developing a very transparent strategy to get rid of fishing net pollution. Disruptive innovation is utilised to drive change and produce real benefits. With the help of fishermen, Bureo’s Net+Positiva programme finds a useful use for their used fishing gear, which it then turns into raw materials that are highly recyclable and long-lasting.
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