Recycling company TerraCycle announced today the completion of a Series A “Founding Investors” capital raise of $25 million for its global reuse platform Loop. Investors in the financing included P&G, Nestlé, SUEZ, Aptar, Sky Ocean Ventures, ImpactAssets and Quadia.
Loop enables consumers to shop for products in durable packaging that is used, cleaned, refilled and used again, and then fully recyclable after 20 to 100 uses. TerraCycle stated that Loop enables brands to develop more valuable and distinctive products and packaging and provides consumers with more beautiful, functional and “milk-man model” deposit/return packaging. Since its founding in 2019 by TerraCycle, Loop has enlisted over 100 brands globally, and currently offers over 400 products. Loop is available in the US, UK and France, and expects to be operating in Canada, Japan and Australia by the end of 2021.
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.”
According to TerraCycle, the financing is expected to fund Loop’s operations to profitability.
Robert van Pappelendam, Senior Vice President, Global Hair Care, Procter & Gamble, said:
“P&G has successfully partnered with TerraCycle for over a decade. This led to P&G becoming the first investor and the first consumer packaged goods company to participate in Loop, with several of our leading global brands, including Pantene. Today’s announcement is an important milestone in our mission to enable responsible consumption at scale. 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.”
Antonia Wanner, Head of Environmental, Social and Governance (ESG) Strategy and Deployment Unit at Nestlé, said:
“Reusability involves profound changes in the way people shop and consume. In collaboration with Loop, we have been introducing reusable option to our consumers for different types of products including ice cream, water and pet care. This new investment in Loop will help accelerate the delivery of products in zero-waste packaging. Reusable option is an important part of Nestlé’s broader set of actions to meet our commitment of making 100% of our packaging recyclable or reusable by 2025.”
Jean-Marc Boursier, SUEZ Group COO, said:
“As a long-term partner of TerraCycle, SUEZ is delighted to support Loop initiative for reducing packaging waste and working for a more circular economy. SUEZ is an innovative and resilient solutions provider in waste recovery. Loop is an expression of our strong commitment to implement our zero residual waste ambition.”
Jamie Rowles, Head of Investment, Sky Ocean Ventures, said:
“As a media-powered impact investment fund, that is part of Sky’s broader mission to help us all eradicate our dependence on single use plastics, it is a huge step to see these global CPGs come onboard to support Loop’s plans and scale up the service.”
Stephan B. Tanda, Aptar President and CEO, said:
“Our partnership with Loop represents our vision, and our customers’ vision, for a more circular economy where packaging does not become waste. Participating in Loop is one way Aptar can help lead the essential and overdue packaging transition from disposable to reusable.”