Imperial startup Notpla has raised substantial additional investment to bring its seaweed-based packaging to the US market.
Notpla, the Imperial startup that won the Earthshot Prize in 2022, has raised £20 million in additional investment. The company will use the money to expand its business in seaweed-based packaging, particularly in North America, and to carry out further innovation.
The announcement was made in New York during Climate Week, a joint initiative of the city and the UN General Assembly. Notpla was in town as part of an Imperial Venture Trek organised by Imperial Enterprise Lab and Undaunted, one of a series of missions that take startups and spinouts from Imperial to explore partnership and investment opportunities overseas.
"Since 2014, we've been reimagining packaging from nature's perspective," said Pierre Paslier, co-founder and co-chief executive of Notpla together with Rodrigo Garcia Gonzalez. "This backing proves the growing demand for truly sustainable alternatives and the potential of our seaweed-based technology."
The Notpla team met while studying Innovation Design Engineering, a programme offered jointly by Imperial and the Royal College of Art. The company developed with support from Imperial's well-established entrepreneurial ecosystem, including Imperial Enterprise Lab, the Venture Catalyst Challenge and Undaunted's climate accelerator programme, now known as The Greenhouse. The company was also a resident in Imperial's White City Incubator.
Rising tide
The investment round, a Series A extension led by UB Forest Industry Green Growth Fund, doubled expectations, despite challenging economic conditions.
"This round not only validates our approach but also positions us to capitalise on the growing demand for truly plastic-free packaging solutions in global markets, especially as we look towards expansion into the US," said Mr Garcia Gonzalez.
"Our investors recognise the commercial potential of our technology and our unique solutions," Mr Paslier added. "This funding allows us to accelerate our growth and continue leading the market in sustainable innovation."
Notpla claims that its seaweed-based packaging has already replaced over 16 million single-use plastic items across Europe. Its products include seaweed-lined takeaway food containers and Ooho, an edible liquid bubble. Its customers include major European corporations such as Compass Group, Decathlon, and Just Eat.
Innovation on tour
The Imperial Venture Trek that brought Notpla to New York is part of a series of missions intended to introduce founders from the university's entrepreneurial ecosystem to international markets, and help them identify potential new partners and investors. Previous destinations include San Francisco, Accra in Ghana, and Singapore.
Travelling with Notpla on this Venture Trek are Multus, which designs feedstocks for cultivated meats, generative design company ToffeeX, and Cyanoskin, which has developed an algal paint that removes carbon from the air. The delegation is completed by Team Repair, a social impact startup that combines education and the circular economy.
Being in New York for Climate Week puts these companies at the centre of discussions about the global response to climate change. They also have the chance to connect with New York's vibrant startup ecosystem during events and one-to-one meetings.
"Outcomes for this week involve our founders derisking plans to scale, meeting investors, potential customers, suppliers, policy makers, other founders and other climate specialists who can help them move their businesses forward," said Victoria Nicholl, Head of Incubation Services at Imperial, who is leading the mission together with Alyssa Gilbert of Undaunted.
Also in New York for Climate Week are 15 startups traveling with Innovate UK and seven startups with Scottish Enterprise.
Photos courtesy of Notpla
