Australian company ULUU has successfully raised AUD$8 million, enabling the start-up to scale its business as it seeks to replace traditional plastic with a more environmentally-friendly solution.
The seed round was led by their existing deep tech investor Main Sequence, founded by CSIRO, with participation from Alberts Impact Ventures, Mistletoe and Possible Ventures, alongside support from those in the creative arts and other influencers such as model and entrepreneur Karlie Kloss and Tame Impala frontman Kevin Parker.
The fresh round of funding will enable ULUU to continue developing its range of natural polymers sourced from seaweeds called PHAs that can mimic the durability of plastic while being biodegradable and compostable through a fermentation process which helps maintain a clean production process using ocean resources including seaweed and seawater.
The funding will also be used for further product development and engineering R&D to unlock new ways to scale the production process of its natural polymer.
ULUU Co-Founder Michael Kingsbury (pictured) said the backing, especially coming from influential voices, will be instrumental in helping the company get a foothold in key industries such as fashion and beauty among others, and bring ULUU’s story to the world through music, the arts and cultural moments.
“In order to make a real change in this world, we need powerful voices for good,” Kingsbury said. “We are humbled to have their support and look forward to combining our expertise and public reach to make a difference in addressing this planetary problem. Together, we’re helping bring the world into a post-plastic era.”
A recent OECD report found that the world is producing twice as much plastic waste as two decades ago and this is set to triple by 2060. More than 9.2 billion tonnes of plastic waste have been generated globally, with the bulk of it ending up in landfill, incinerated or leaking into the environment, and only nine per cent successfully recycled. Nearly two-thirds of plastic waste comes from plastics with usage lifetimes of under five years. At the moment, 20 countries have already pledged to end plastic pollution by 2040.
“Today’s plastic problem reaches far beyond single-use water bottles and straws,” Dr Julia Reisser, ocean scientist and co-founder of ULUU (also pictured), said. “Most people don’t realise that plastic has become a ubiquitous part of every aspect of our lives. From the clothes we wear, through to the beauty products we use and the cars we drive, it’s everywhere, and our planet is suffering as a result.”
Phil Morle, Partner at Main Sequence, warned that the plastic problem is one of the biggest crises we face as humanity and one that must be tackled now.
“ULUU’s natural polymers have the potential to permanently replace many of the plastics we use today in clothing, packaging, accessories and more,” Morle said. “Julia and Michael are incredibly ambitious and perfectly positioned to make this happen quickly.”
The ULUU team are currently based at the Indian Ocean Marine Research Centre in Western Australia, thanks to co-location support from the University of Western Australia. Product development and engineering R&D will continue at these premises following the round.
