Seaweed materials are firm Loliware announced that it has raised $6M in its latest round of pre-Series A funding, bringing the startup’s total raise to $15.4M. According to the startup, it currently makes it Best funded seaweed materials technology company on the market.
Company officials said they will use the funding to focus on growth in the seaweed products market, launch new products and new seaweed resins, and expand the company’s research and development capabilities.
“What Lollyware has created is revolutionary and on the cusp of a paradigm shift in plastics”
“Climate change is a global problem, and our pelletized seaweed resin is a step toward a solution,” said Sea F. Briganti, founder and CEO of Loliware. “By reducing CO2 emissions and strengthening the ocean-based ‘blue economy,’ our seaweed-derived products make it clear that regenerating the Earth is good business.”
Briganti adds, “Demand for seaweed-based products is promoting the creation of seaweed-farming activities in coastal communities worldwide. Not only does this create jobs where they are needed most but these marine forests filter and oxygenate the ocean while capturing carbon.”
Founded in 2016, Loliware focuses on replacing single-use plastics with alternatives derived from seaweed, including seaweed-based resins.
“Designed to be invisible”
Its innovative use SEA (seaweed-derived, emission-avoidable, plastic alternative) technology, Loliware manufactures seaweed resins that are fully compatible with existing production plastic extruding equipment. These sustainable materials, the company says, offer an innovative and cost-effective way to replace single-use plastics at scale.
Seaweed is a regenerative material that Lolleyware says can be processed into a variety of products that easily compost and enrich soil. Lollyware’s technology is currently being applied to single-use items such as straws, cups and utensils, including the first product launch, the Blue Carbon Straw.
This latest round of investors includes CityRock Venture Partners, Alumni Ventures Group, Geekdom Fund, Ehukai Investments and 5 Pillar Capital.
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“We are very excited about the opportunities that lie ahead for Loliware,” said Whitney Casey, venture partner at L Catterton. “Their patents could greatly disrupt the potential of SEA technology The materials market is huge. Straws are just the beginning for Sagar and his team.”
“What Lollyware has created is revolutionary and on the cusp of a paradigm shift in plastics,” said Alumni Ventures Managing Partner Keinon Coates. “By removing barriers to adoption and scale, plastic manufacturers can simply swap plastic pills for their seaweed. The potential for impact and upside is enormous.”