Start-up Magorium targets $6m seed funding to build greener roads with plastic waste

Home-grown deep tech start-up Magorium, which was part of SMU’s Business Innovation Generator incubation programme, is targeting to raise at least $6 million in seed funding by early 2023, as it scales up its technology to plant a bigger market presence. The company is in talks with potential investors and said this funding is likely to last the company for about one to two years. It also plans to grow its headcount from five currently to 40 by 2025. Founded in 2019 by SMU alumna Ms Oh Chu Xian, Magorium’s technology converts plastic waste into an innovative material, called NEWBitumen that is used to build roads. It is in the midst of patenting its technology.