Exit Ventures Leads $4.5M Series A Funding for Solubag to Eliminate Single-Use Plastic
HALLANDALE BEACH, Fla., October 17, 2024 (Newswire.com) - Exit Ventures announces a $4.5 million Series A funding round for Solubag, the water-soluble alternative to single-use plastic that achieves price parity with plastic. The round includes participation from Between the Coasts Ventures, Landon Ainge, a confidential customer, and others. Paul Burgon, Managing Partner at Exit Ventures, joins Solubag's Board of Directors.
“The global plastic alternatives market is estimated to be $16 billion in 2024, growing at 19% annually, driven by increasing environmental awareness and demand for sustainable packaging solutions,” remarked Mike Latham, Solubag CEO.
Solubag modified the formula used in gel caps for vitamins and supplements, patenting it to produce film bags (such as grocery bags and envelopes), woven fabric bags, pet waste bags, laundry sheets, and firmware such as utensils, straws, plates, and cups. Solubag’s products require no recycling or separation from other waste, as they dissolve harmlessly in water or soil within weeks or months. Like gel caps, the products are certified food-grade, with raw materials that have a long history of food safety. Independent research demonstrates significant assurance regarding the overall safety profile in surface water and wastewater treatment.
Paul Burgon remarked “With Solubag’s strong value proposition, sustainability profile and extremely attractive pricing in the single-use plastic alternatives market, we expect Solubag to be a major participant in replacing single-use plastic in the coming years.”
Bioplastics and compostables suffer from limited degradation without composting or recycling and require energy-intensive recycling processes. Solubag, however, does not require energy- or water-intensive recycling facilities or waste separation, and utilizes standard manufacturing processes and extrusion equipment that have been in use for decades.
About Solubag: Solubag is a leader in the development of environmentally sustainable alternatives to single-use plastics. The company has developed and patented a proprietary raw material designed to replace traditional plastic in single-use products such as shopping bags, dog waste bags, t-shirt bags and other products. Solubag’s products dissolve in water, are non-toxic and eco-friendly, offering a viable solution to the global plastic waste problem. For more information, visit www.solubagusa.com.
About Exit Ventures: Exit Ventures is an early-stage climate tech venture capital firm with a focus on transformative, high-impact technologies in massive markets. The firm works closely with global corporate partners in all stages of due diligence, investment, commercial partnerships and exits to accelerate the pace of innovation and commercialization of critical climate technologies. www.exitventures.net.
Media Contact
Mike Latham, CEO, Solubag
online@solubagusa.com
Paul Burgon, Managing Partner, Exit Ventures
update@exitventures.net
Source: Exit Ventures
