{"id":3786,"date":"2024-11-14T07:36:02","date_gmt":"2024-11-14T12:36:02","guid":{"rendered":"https:\/\/www.packagingindustrynews.com\/?p=3786"},"modified":"2024-11-14T07:36:02","modified_gmt":"2024-11-14T12:36:02","slug":"earthodic-secures-follow-on-investment-from-closed-loop-partners","status":"publish","type":"post","link":"https:\/\/www.packagingindustrynews.com\/?p=3786","title":{"rendered":"Earthodic secures follow-on investment from Closed Loop Partners"},"content":{"rendered":"


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The round was led by FTW Ventures. Credit: Owlie Productions via Shutterstock.<\/figcaption><\/figure>\n<\/p><\/div>\n

Australian biopackaging company Earthodic has received a follow-on investment from Closed Loop Partners\u2019 Ventures Group in a $4m seed funding round, led by FTW Ventures.<\/p>\n

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The funding was Closed Loop\u2019s second investment in the company, which will support Earthodic\u2019s expansion into the US.<\/p>\n

Earthodic plans to establish its second headquarters at Western Michigan University\u2019s Innovation Center. This location is strategically chosen for its proximity to a pilot coating plant and testing facilities.<\/p>\n

The company\u2019s main research and development hub will remain in Queensland, Australia.<\/p>\n

Other investors in the round included existing ones Tenacious Ventures and Investible alongside new investors Circulate Capital, Queensland Investment, UniQuest Fund, Significant Capital Ventures, Branch Venture Group, and Redstick Ventures.<\/p>\n

Earthodic co-founder and CEO Anthony Musumeci said: \u201cThis is a key milestone for Earthodic as we expand our reach into new geographic markets, and new paper packaging applications. Advancing a biobased coating for paperboard can have a significant impact on plastic waste reduction.<\/p>\n

\u201cClosed Loop Partners\u2019 Ventures Group has been a key partner in our growth since they first invested in Earthodic. We are thrilled to continue our partnership with their team as we scale our solution and advance the circularity of packaging.\u201d<\/p>\n

Earthodic will use the investment to address increasing demand from corporations for packaging alternatives that minimise waste without compromising performance.<\/p>\n

Traditional paper packaging often utilises petroleum-based plastic liners, which are not recoverable after use.<\/p>\n

Earthodic claims its Biobarc product features a water-resistant, repulpable, and recyclable coating for paper packaging. By using lignin, a paper manufacturing byproduct, the company turns waste into a resource.<\/p>\n

The company is also working towards third-party certifications to verify Biobarc\u2019s compostability in industrial composting facilities in the US.<\/p>\n

Closed Loop Ventures Group\u2019s investment aligns with its strategy to fund early-stage companies that are reimagining product design, manufacturing, consumption, and recovery processes.<\/p>\n

Since 2016, the venture capital group has invested in more than 40 companies that are driving innovations across various sectors.<\/p>\n

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