California-based B Corp, Bureo, at the forefront of combatting fishing net pollution, has successfully concluded its Series B funding round. The investment was spearheaded by Toyota Tsusho Corporation, with support from Mirova, Ocean 14 Capital, Conservation International Ventures, and Susquehanna Foundation. Notably, Tin Shed Ventures, Patagonia’s venture capital fund, played a pivotal role as the initial seed investor in Bureo.
Founded in 2013, Bureo stands out as the sole provider of 100% recycled, wild-caught, and discarded fishing nets with complete traceability to their source. The company collaborates directly with fishing communities, offering resources for the responsible disposal of nets that have reached the end of their life cycle. Leveraging recent advancements in recycling, Bureo transforms these nets into NetPlus, a premium 100% recycled Nylon 6 material. NetPlus boasts durability and quality comparable to virgin Nylon 6 while significantly reducing environmental impact and lessening dependence on virgin plastic.
David Stover, co-founder of Bureo, expresses gratitude for the increased recognition and resources, emphasizing the company’s commitment to expanding its solution to coastal communities globally. The recent investments will drive the growth of Bureo’s net collection and recycling operations in various coastal communities worldwide. In 2023 alone, Bureo aims to collect over 3.3 million pounds of end-of-life fishing nets. The company is actively operating in seven countries across the Americas, including the United States, Mexico, Panama, Ecuador, Peru, Chile, and Argentina.
Additionally, the funding will support the development of an advanced traceability system, incorporating QR codes to provide source information for fishing nets throughout the NetPlus material supply chain. As Bureo commemorates its 10th anniversary, the company is poised to represent 1% of the global recycled Nylon fabric market. To date, Bureo has successfully collected over 10 million pounds of discarded fishing nets for recycling. Notable brands utilizing NetPlus recycled nylon in their products include Patagonia, Costa, Yeti, Rivian, Outerknown, Trek, Quicksilver, Orvis, and more.
