Costa Mesa-based Newlight Technologies LLC, founded to make technology that captures and converts carbon and methane into plastics, received $29.2 million in “Form D” venture funding, according to a regulatory filing Tuesday.
Plastics are commonly made from oil, a fossil fuel, and Newlight says its methods reduce damage to the environment.
The company reportedly gets its raw materials from farms, water treatment plants, and municipal landfills.
About 125 investors put up a minimum of $30,000 apiece in the “exempt offering of securities” that’s sometimes a way to bypass or put off an initial public offering. It brings the firm’s reported funding to date to about $48 million.
Anaheim-based venture capital investor Metrix Capital Group LLC has invested in Newlight.
Newlight’s customers have included Dell Inc., which in May 2014 said it would use the company’s material for packaging, and IKEA, which in March said it would use Newlight’s plastics technology in its products.
The purpose for proceeds of the recent founding round was undisclosed.
Newlight was founded in 2003, according to Crunchbase.
