THE WHAT? Sky’s impact investment fund, Sky Ocean Ventures, has pledged US$2 million to zero waste shopping service Loop.
THE DETAILS The deal forms part of Sky’s Bigger Picture initiative and is said to be the fund’s largest investment to date. Loop is set to launch in the UK in 2020 with Tesco.
“Loop fundamentally changes the way we approach packaging and waste,” said Jeremy Darroch, Group Chief Executive, Sky. “The transition to a circular economy will take time, but big ideas like this can and will help change the world our children will inherit.
“This complete system redesign requires being able to win the trust and buy-in of major brands and retailers and with parent company TerraCycle’s experience in the recycling industry, Loop is uniquely placed to make it work.”
THE WHY? The investment forms part of Sky’s wider commitment to help create a better and plastic-free future for our oceans but, more pertinently for TerraCycle – the US recycling firm behind Loop, the partnership will grant it access to Sky’s vast customer network, helping to raise awareness of the service.