Uluu Raises AU$16M to Scale Seaweed-Based Alternative to Plastic
Uluu, an Australian company, has developed a biodegradable seaweed-based alternative to plastic and raised AU$16 million in Series A funding.
The funding round was led by Burda Principal Investments, with support from Main Sequence, Novel Investments, Startmate, and other impact and family investors.
- Uluu will use the funding to scale its production from 100kg/year to 10-tonne/year.
- The company plans to build a commercial-scale facility capable of producing thousands of tonnes annually.
Uluu is collaborating with global partners in the cosmetics, fashion, and automotive industries, including Quiksilver, Papinelle, and Audi.
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Author's summary: Uluu raises AU$16M for seaweed-based plastic alternative.