Seaweed-based, biodegradable membrane innovator Plantsea has “smashed” its £500k crowdfunding target to raise £845k, taking it a step closer to cutting plastic out of laundry capsules.
“We’re thrilled to have not only met but smashed our raise target,” CEO Rhiannon Rees told The Grocer.
“It’s a real vote of confidence in what we’re building.”
Made from seaweed, Plantsea’s natural polymer film can dissolve in water or biodegrade in compost – yet crucially for manufacturers can be heat-sealed or vacuum-formed.
The technology is designed to replace water-soluble plastics, used for products such as laundry capsules – but will offer a “cost-competitive, drop-in plastic-free alternative” for products across food, pharmaceutical and industrial applications, according to Plantsea’s pitch on crowdfunding site Republic.
“This funding will enable us to accelerate our growth, open doors to new partnerships with brands and manufacturers, and make an even bigger impact on sustainable homecare and food packaging,” added Rees.
Even before the oversubscribed fundraiser, Plantsea was the recipient of a £1m grant from Innovate UK and raised £700k in pre-seed funding; its current round of investment has attracted venture capital names including Sustainable Ventures, Angels Invest Wales and Syndicate Room.
And after successful revenue-raising pilots, the raise will help Plantsea scale its production with key clients, expand its teams and secure key accreditations. The raise values Plantsea at £6m before the current round.
“With the funds from this round, we aim to achieve revenue generation from early adopters and position Plantsea to convert pilots into long-term offtake contracts, reducing future funding needs,” the pitch said.
Plantsea has a further £250k in commitments and new investor interest as a result of the crowdfund.
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