UK-based startup Loliware has raised $6 million in its latest pre-series A funding round, bringing the total amount raised by the company to $15.4 million. The startup focuses on using seaweed-derived, regenerative resins to create sustainable packaging alternatives to single-use plastics. Its patented SEA (Seaweed-derived, Emission-avoiding, Alternatives to Plastic) technology enables existing manufacturing plastic extruding equipment to process the seaweed-derived resins into materials for a wide array of products that can be easily composted and enrich the soil. The company’s seaweed-based products absorb carbon as they grow and are part of the ocean-based ‘blue economy’ which strengthens the ecosystem and filters and oxygenates oceans.
Loliware raised $6 million in its latest pre-series A funding round. Investors in this round include US-based L Catterton, CityRock Venture Partners, Alumni Ventures Group, Geekdom Fund, Ehukai Investments, 5 Pillars Capital, Kilara Capital founder and managing director Ben Krasnostein, Clay Rockefeller, Kiss the Ground co-founder Ryland Engelhart, Nutiva founder and former CEO John Roulac, Blue Bottle Coffee founder Bryan Meehan, and others. Additionally, U.S.-based plastics manufacturer Sinclair and Rush has committed capital as well.
Loliware is the market’s best-funded seaweed materials tech company. Its total funding is $15.4 million, making it a leader in the use of seaweed as a source of sustainable biomaterials. The funds raised in this latest pre-series A funding round will enable Loliware to expand its research and development capabilities and continue to grow in the seaweed materials market.
Loliware’s seaweed-derived resins are compatible with existing manufacturing plastic extruding equipment, providing a unique, cost-effective way to replace single-use plastics at scale. The seaweed can be processed into Loliware’s materials at local facilities and made into a wide array of products which compost easily and enrich the soil. The startup’s focus on regenerative materials supports a stronger ecosystem and promotes the creation of seaweed-farming operations in coastal communities worldwide, creating jobs and filtering and oxygenating oceans while capturing carbon.
Loliware’s SEA technology represents a new category of sustainable, regenerative resins derived from seaweed. The technology is being applied to single-use items such as straws, cups, utensils, and films. The company’s seaweed-based products offer a viable replacement for single-use plastics, and demand for them promotes the creation of seaweed-farming operations in coastal communities worldwide, providing jobs where they are needed most.
