2 minute read | December.13.2023
Bureo, a company that fights ocean pollution by recycling fishing nets, has completed a Series B funding round.
The company converts discarded fishing nets into nylon material that is made into clothes and other items sold by companies including Patagonia, Quicksilver and Orvis.
Orrick represented Bureo.
Toyota Tsusho Corporation led the funding round with support from 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.
Founded in 2013, Bureo is on a mission to end fishing net pollution by providing an end-of-life solution for discarded fishing nets. It is the only supplier for 100% recycled, wild caught and discarded fishing nets that are 100% traceable to the source.
The company works with fishing communities to provide resources to responsibly dispose of fishing nets that are no longer of use.
Bureo converts the nets into a recycled Nylon 6 material, called NetPlus, that “offers a proven reduction in environmental impact,” the company said.
Investments from the funding round will support the growth of Bureo's collection and recycling operation in coastal communities. The increased funding also will support an advanced traceability system to deliver fishing net source information through QR codes that can be tracked throughout the supply chain.
Bureo says it is on pace to collect more than 3.3 million pounds of fishing nets this year in the United States, Mexico, Panama, Ecuador, Peru, Chile and Argentina.
Mike Sullivan led the Orrick team advising Bureo. The team also included Jay Wilder Schau, Robert Moore, Maria Sergeyeva and Adam Zuro.