Sway, the clean tech start-up scaling seaweed-based, rapidly compostable replacements for plastic, raised $5 million in seed funding.
WHO: Sway, the California-based clean tech start-up creating seaweed-based, home compostable replacements for plastic packaging, has developed breakthrough technology that, for the first time, will enable seaweed to replace flexible plastics at scale. Representing an entirely new category of biopolymer resin, Sway’s patent-pending Thermoplastic Seaweed resin (TPSea) is a 100% biobased, home-compostable, microplastic-free ingredient made from a regenerative ocean crop that can replenish ecosystems and support coastal communities. The new technology is designed to mesh seamlessly with the most scaled plastic manufacturing systems available, enabling growth and massive impact.
WHY: The funds will directly support the scaling of Sway’s product portfolio, and catalyze adoption by fashion, food, and home goods brands such as J.Crew, Burton, and others associated with the Tom Ford Plastic Innovation Prize.
IN THEIR OWN WORDS: “Clean oceans, abundant biodiversity, and thriving coastal economies all intertwine with Sway’s success as we accelerate production in 2024,” says Julia Marsh, CEO & co-founder of Sway. “We believe everyday materials should help to replenish the planet from sea to soil. The launch of our thermoplastic seaweed materials, along with an influx of new capital targeted at scaling production, signifies tangible progress toward a more circular future.”
“Our expansive network of eco-conscious brands are always looking for restorative alternatives to today's mainstream packaging materials. We see this demand across all industries, from food to fashion to cosmetics,” says Saloni Doshi, CEO of EcoEnclose. “With tangible shifts in customer values, brand sustainability commitments, and packaging legislation, it’s clear that innovation leaders like Sway have a keen market ready to adopt their truly unique, thoughtfully produced, biobased materials.”
DETAILS:
