Loliware, a female-founded start-up that uses seaweed material for sustainable packaging, has raised $15.4 million, including $6 million in its latest round of pre-series A funding. The company plans to use the funds to expand research and development capabilities, as well as continue growing in the seaweed materials market. The round of funders included investors such as US-based L Catterton, CityRock Venture Partners, and Geekdom Fund, as well as U.S.-based plastics manufacturer Sinclair and Rush.
Revolutionizing the plastics industry with SEA Technology
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. SEA (Seaweed-derived, Emission-avoiding, Alternatives to Plastic) technology represents a new category of sustainable, regenerative resins derived from seaweed – a bio-renewable and carbon-capturing input. The Loliware drinking straw is the first product launched in the category, and the company plans to apply the technology to other single-use items, such as cups, utensils, and films.
According to Loliware founder and CEO Sea F. Briganti, “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 also noted that “Demand for seaweed-based products promotes the creation of seaweed-farming operations in coastal communities worldwide…these undersea forests filter and oxygenate oceans while capturing carbon.”
Investors and experts laud Loliware’s revolutionary technology
Loliware’s SEA technology has impressed investors and industry experts alike. Whitney Casey, Venture Partner at L Catterton, said, “The potential for their patented SEA technology to disrupt the broader materials market is huge. Straws are just the beginning for Sea and her team.” Alumni Ventures managing partner Cainon Coates added, “What Loliware has created is revolutionary and is on the cusp of a paradigm shift in plastics. By removing adoption and scale barriers, plastic manufacturers can simply swap plastic pellets for their seaweed pellets. The impact and upside potential are massive.”
As the first company worldwide to truly scale seaweed as a viable replacement for plastic, Loliware’s technology represents a significant step toward a plastic-free, decarbonized future. The company’s innovative approach not only offers a sustainable solution for single-use plastic, but also has the potential to create jobs in coastal communities and contribute to the regeneration of the ocean.