EIT Food backed Notpla raises over €25M to scale sustainable packaging solutions
Sustainable packaging innovator Notpla has today announced the successful completion of a £20 million fundraising round, equivalent to over US $25 million. Notpla is part of EIT Food's investment portfolio, further demonstrating EIT Food's commitment to backing game-changing innovations in agrifood.
The London-based startup aims to transform the packaging industry with its regenerative packaging solutions, which use seaweed and plants to create nature-based packaging that offers direct replacements to many single-use plastics.
This latest investment will accelerate Notpla’s expansion into the North American market, fuelling the development of next-generation, seaweed-based packaging solutions that offer direct replacements to many single-use plastics. EIT Food is one of several investors to join the round, alongside the likes of round-leader United Bankers; Catalytic Capital for Climate & Health (C3H), an impact-first vehicle by Temasek Trust; Radicle Impact; and Schmidt Family Foundation.
"We are thrilled to have secured this level of investment in such a competitive environment. 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.”
“The success of Notpla’s recent funding round is hugely exciting, and demonstrates that there is continued appetite to drive agrifood innovation across the value chain, in spite of challenging economic conditions. We recognised Notpla’s potential when it was selected to join EIT Food’s RisingFoodStars programme earlier in 2024, and look forward to being part of its ongoing journey to tackle the packaging crisis for a more sustainable, regenerative food system.”
The story so far
Since launching in 2014, Notpla has replaced over 16 million single-use plastic items across Europe and aims to dramatically increase this volume to over 100 million units annually within the next two years.
The company’s innovative packaging, which is both plastic-free and home-compostable, has been adopted by major corporations including Compass Group, Decathlon, and Just Eat Takeaway.com. Notpla’s materials are currently used in 10 European markets and help to eliminate plastic in leading stadiums and venues such as Aston Villa FC, The O2 Arena, Allianz Stadium, and Tottenham Hotspurs.
In 2023, Notpla was part of a regulatory breakthrough, when the Dutch government concluded that Notpla’s food packaging coating was the only application on the market that met its definition of plastic-free under the Single Use Plastic Directive.
What’s next?
The funds from this round will be used to scale up Notpla’s manufacturing capabilities, broaden the product range, and establish a foothold in new markets, with a focus on North America.
Radically ambitious in its mission, the startup has pledged to replace one billion units of plastic by 2030, and has projected that replacing all single-use plastic with seaweed would require only 0.066% of the ocean, which is well within safe ecological boundaries.
EIT Food is committed to supporting gamechangers like Notpla to bring their innovative solutions to life, helping to transition towards a net zero food system.
Read more about Notpla’s journey here.
