Bureo Company Profile

Background

Founded in 2013, Bureo is a mission-driven company dedicated to combating ocean plastic pollution by transforming discarded fishing nets into high-quality, sustainable materials. The company's flagship product, NetPlus®, is a 100% post-consumer recycled plastic derived from these nets. By partnering with fishing communities across the globe, Bureo not only mitigates one of the most harmful forms of ocean pollution but also empowers local economies. As a certified B Corporation and member of 1% for the Planet, Bureo exemplifies a commitment to environmental stewardship and social responsibility.

Key Strategic Focus

Bureo's strategic focus centers on scaling a transparent and sustainable model to eliminate fishing net pollution. The company specializes in collecting and recycling end-of-life fishing nets through its Net+Positiva program, which collaborates with over 44 fishing communities across eight countries. The recycled material, NetPlus®, is then supplied to various industries, including apparel, accessories, and sporting goods, enabling brands to incorporate sustainable materials into their products. This approach not only addresses environmental concerns but also fosters economic opportunities within coastal communities.

Financials and Funding

Bureo has successfully secured approximately $10 million through various funding rounds. In December 2023, the company raised an undisclosed amount in a Series B funding round led by Ocean 14 Capital, aimed at expanding its operations. Notable investors include Conservation International Ventures, Mirova, Patagonia, and the Susquehanna Foundation. These funds are intended to enhance Bureo's recycling capabilities, broaden its collection footprint, and develop new partnerships to further its mission.

Technological Platform and Innovation

Bureo's innovation lies in its proprietary NetPlus® material, a fully traceable, high-quality recycled plastic made from post-consumer fishing nets. The process involves cleaning and shredding the nets, removing impurities, and reformulating the material into nylon pellets. These pellets are then used to manufacture various products, including skateboards, apparel fibers, and accessories. This closed-loop system not only reduces ocean plastic pollution but also provides a sustainable alternative to virgin plastics for manufacturers.

Leadership Team

David Stover: Co-Founder & Chief Executive Officer

Ben Kneppers: Co-Founder & Chief Operating Officer

Kevin Ahearn: Co-Founder & Chief Technology Officer

The leadership team brings a wealth of experience in sustainability, engineering, and business development, driving Bureo's mission to create positive environmental and social impacts.

Competitor Profile

Market Insights and Dynamics

The global recycled materials market is experiencing significant growth, driven by increasing environmental awareness and regulatory pressures to reduce plastic waste. Companies like Bureo are at the forefront of this movement, offering innovative solutions to repurpose waste materials into valuable products.

Competitor Analysis

Bureo operates in a niche market with few direct competitors. However, companies such as Grosche International, Rawlings Sporting Goods, Bellroy, and Franklin Retail Solutions offer products in the sustainable goods sector. While these companies focus on various aspects of sustainability, Bureo's unique approach to recycling fishing nets sets it apart in the industry.

Strategic Collaborations and Partnerships

Bureo has established significant partnerships to expand its impact:

Patagonia: Since 2014, Patagonia has incorporated NetPlus® into a range of apparel and accessories, including jackets, pants, shorts, and hats. As of September 2023, Patagonia has used over 2,000 metric tons of waste nets through this partnership.

Pokonobe Associates: In 2015, Bureo partnered with Pokonobe to develop Jenga Ocean, the first board game made from recycled fishing nets.

Trek Bikes: In July 2019, Trek Bikes unveiled the "Bat Cage" water bottle holder, repurposing 44,000 square feet of waste nets in its production.

Costa Sunglasses: In July 2021, Costa introduced the Untangled Collection, a line of sunglasses made from NetPlus® material.

Quiksilver and Pacifico: In May 2023, these brands released their second collaborative apparel collection, including hats made from NetPlus®.

Toyota Tsusho: In July 2023, Toyota's trading arm announced plans to work with Bureo to pilot fishing net recycling programs in Japan's Chiba Prefecture.

Operational Insights

Bureo's operations are strategically designed to address environmental challenges while creating economic opportunities. By sourcing nets from 44 fishing communities across eight countries, the company has built a robust supply chain that supports local economies. The Net+Positiva program not only provides a solution for end-of-life fishing gear but also funds environmental initiatives and creates employment opportunities within these communities.

Strategic Opportunities and Future Directions

Looking ahead, Bureo aims to expand its recycling operations and collection footprint, develop new partnerships, and introduce additional products made from NetPlus® material. The company's commitment to transparency, sustainability, and community empowerment positions it well to capitalize on the growing demand for recycled materials and to make a significant impact on reducing ocean plastic pollution.