Image Source: Earthodic
Brisbane startup Earthodic has raised US$4 million (A$6m) in Seed funding as the climate tech packaging solution looks to make its mark in the US.
The round was led by food systems focused California VC FTW Ventures, with support from Circulate Capital, the Queensland Investment Corporation (QIC), UniQuest Extension Fund (UEF), Significant Capital Ventures, Branch Venture Group, RedStick Ventures and other US-based angel investors. Earthodic’s existing backers, local impact investors Tenacious Ventures and Investible, and New York-based Closed Loop Partners, also chipped in.
Earthodic has developed recyclable bio-based waterproof coatings for paper packaging it hopes will reduce packaging waste, which accounts for around 30% of landfill waste. It’s patented Biobarc coating has the potential to cut paper and plastic from landfills and eliminate microplastic pollution.
The capital will see them expand the product and sales teams, as well as manufacturing and distribution partnerships across the US and Australia.
Earthodic is setting up a US HQ at the Innovation Center at Western Michigan University in Kalamazoo, near the uni’s pilot coating plant and tappi (paper testing) lab. The area is also home to numerous paper and packaging companies.
Over the past year, Earthodic has conducted coating trials at WMU’s pilot plant for products such as produce punnets and cold-chain packaging, which confirmed the sustainable coatings allow packaging companies to make eco-friendly improvements with minimal disruption.
Read more at Startup Daily
