Kelpi collaborates with L'Oréal, Diageo, and Waitrose.
Kelpi has secured £4.35 million in investment allowing the seaweed-based packaging startup to expand business opportunities, increase the human factor, and carry out scale-up pilots to establish a market line.
The funding has been led by Blackfinch Ventures, with contributions from Green Angel Ventures, Kadmos Capital, QantX, Evenlode Foundation and the South West Investment Fund
Additionally, Bristol Private Equity Club (BPEC), One Planet Capital and private angel investors have invested. The initial amount of £3 million in equity investment has ended up rising to £4.35 million.
In more detail, the company has confirmed that the funds will be used to develop manufacturing pilots and obtain permits for their patented coatings for paper and cardboard.
It will also be used to secure collaborations with major companies such as those already achieved with L'Oréal, Diageo, and Waitrose and their tropical fresh fruit supplier, Blue Skies.
Regarding this achievement, Kelpi CEO Neil Morris said: "We’re delighted to receive this backing from investors like Blackfinch and Green Angel Ventures to allow us to accelerate our pioneering work."
On the other hand, Dr Reuben Wilcock, Head of Ventures at Blackfinch, noted: "Kelpi stood out to us as a strong combination of world-leading scientific innovation with extensive entrepreneurial experience. Their technology has immense commercial potential and we’re excited to be backing the company to scale up and go to market."
Finally, CEO of Green Angel Ventures Cam Ross indicated: "We’ve been consistently impressed with Kelpi’s team and technology, and their pioneering approach to developing biopolymers from renewable feedstocks like seaweed. At scale, the Kelpi approach will play a vital role in reducing fossil fuel dependency, addressing climate change and impacting on plastic pollution."
Kelpi’s bio-material is unique in matching or even exceeding the performance of plastic, in particular with a strong water barrier and resistance to greasy contents or acidic foods.
The start-up uses only renewable feedstocks, sourcing seaweed farmed sustainably, ensuring a positive impact upon the environment as seaweed sequesters huge amounts of carbon dioxide as it grows, deacidifying the ocean and providing a rich environment for fish.
