THE WHAT? Sustainable startup Nohbo has secured $3 million in a seed funding round, which was led by Material Impact alongside Safer Made and current investor Radical Investments.
THE DETAILS Nohbo uses a water-soluble membrane for its beauty products, aiming to eradicate plastic bottles from the beauty market. The capital raised will enable the beauty and personal care brand to bolster its manufacturing capabilities and produce 15 million units per month.
Ben Stern, Nohbo Founder and CEO, said, “There is a disturbing global addiction and dependence on single-use plastics. For personal care products alone, the US market consumes nearly 1,200 football stadiums worth of shampoo bottle waste annually.”
THE WHY? The cash injection is said to come at a crucial time for the company’s growth trajectory, with Material Impact thought to view the financing as fundamental to its history of investing in products created by material science innovation.
Stern continued: “The mantra of reducing, reusing and recycling simply isn’t enough anymore. Nohbo replaces the need for plastics outright in a novel format that we are all familiar with; pods. We’re thrilled to partner with investors like Mark Cuban, Material Impact, and Safer Made who individually and collectively possess the insight, experience and wherewithal to grow our business, all while making a substantial impact in the process.”