Prism Worldwide
Assembly Line
Prism Worldwide Raises $40 Million in Series A and A1 Funding Co-Led by Columbia Pacific Advisors and former Costco CEO Jim Sinegal
Prism Worldwide, a leader in innovative material solutions that is dedicated to advancing end-of-life tire recycling technology, announced it has raised $40 million in Series A and Series A1 funds. Prism is using the funds to consolidate operations, make capital investments in technology and equipment, and expand its team. To date, the funding has provided a foundation from which Prism has reached commercial viability, demonstrated by an initial round of sales and sales commitments for its thermoelastic polymers (TPEs). The development of these TPEs marks the first time any company has successfully created a sustainable, high-performance polymer derived from end-of-life tires. The funding rounds were co-led by return investors Columbia Pacific Advisors, a Seattle alternative investment firm, and Jim Sinegal, co-founder and former CEO of Costco. The combination Series A and Series A1 funding round also includes participation from Robert “Spike” Anderson, former CEO of Anderson Daymon Worldwide. Anderson is Chairman of Prism Worldwide’s board of directors.
The first deployment of Series A capital was for the acquisition of CRC Polymer Systems, a custom compounding company that supplies compounds, resins, and colors to the plastics industry. The acquisition enabled Prism to increase its capacity for product development, manufacturing and distribution throughout the United States and North America.
Prism breathes new life into end-of-life rubber tires, which traditionally have limited high-value uses. Tires are often burned or ground into final-stage materials used on playground surfaces or sporting fields. With its environmentally friendly technology, Prism reverses the polymerization of the end-of-life tire rubber in a novel, energy-efficient, and low capital-intensive manner that allows the end material to be functional and flexible in a wide range of elastomer and plastic applications. Notably, Prism makes it possible to integrate a higher concentration of recycled materials to be used in both rubber-based and plastic-based products without conceding product quality. Its technology can help companies scale revenues and profitability while helping them achieve sustainability goals by reducing carbon emissions and reliance on virgin petrochemical-based materials.