THE WHAT? Terracycle has completed a Series A “Founding Investors” capital raise of $25 million for its global reuse platform Loop.
THE DETAILS Investors include P&G, Nestlé, SUEZ, Aptar, Sky Ocean Ventures, ImpactAssets and Quadia.
Tom Szaky, TerraCycle CEO, said, “Given Loop’s global momentum and the limited amount of capital being raised, it was important for us to pick partners who firmly believe in Loop’s mission to establish modern-day reuse systems. With this community of partners, Loop is the beginning of the end of disposability, making reuse a viable and accessible option for CPGs, retailers and consumers.”
THE WHY? With a perceptible shift in the need for conscious capitalism it’s a clear show of support for a circular economy from Loop investors, with Terracycle expected to use the funding to increase profitability in the reuse platform.
Talking about its investment, Procter & Gamble Senior Vice President, Global Hair Care, Robert van Pappelendam, said, “We believe the time is now to create disruptive actions that drive the mindset shift required for truly responsible consumption. Creating products that work well is not enough: they must also respect the environment and improve our quality of life.”