BEACON, N.Y., Jan. 19, 2020 /PRNewswire-PRWeb/ -- LOLIWARE, the
world's leading seaweed-based material technology company replacing
plastics, announced the close of a $6MM financing round, led by
prominent NY venture firm Hatzimemos / Libby. As part of this
announcement the company added new leadership, a new board member
and announced that demand for billions of LOLIWARE's Straw of the
Future -- seaweed-based, biodegradable straws -- spans 68 countries
across six continents. LOLIWARE will use the proceeds to meet
global demand from Fortune 500 companies, scaling its first straws
into the billions in 2020.
LOLIWARE, co-founded by Chelsea Fawn
Briganti, is focused on changing the way people think about
single-use plastic. LOLIWARE's technology platform combines seaweed
intelligence with cutting edge manufacturing techniques to create
the plastic-free materials of the future. The LOLIWARE straw looks,
feels and acts like plastic, but is made from 100% plant-based
food-grade materials and is designed to disappear either through
composting or natural processes. With a feel similar to plastic
straws, the LOLIWARE Straw introduces an environmentally friendly
solution to the global plastics problem without compromising the
user experience or requiring a shift in consumer behavior. Unlike
paper-based plastic-straw replacements, the LOLIWARE Straw can
withstand over 18 hours of continuous use.
"The status quo - that single-use products should be 'built to
last' - is destroying our planet. Seaweed is a miracle replacement
waiting for us," said Chelsea Fawn
Briganti, LOLIWARE CEO. "All across our blue planet, there
is an incredible collection of massive aquatic forests, in some
cases dwarfing land-based resources. They efficiently capture CO2,
forming tremendous carbon sinks while growing up to three meters
per day depending on the species, which is why a seaweed-based
product has an environmental advantage vs. petroleum, corn, or
tree-based products." Prior to starting LOLIWARE, Briganti
contributed to breakthrough innovation teams for brands such as
Coke, Pepsi, and Nestle, focused on industrial design and
engineering, sustainable innovation, and smart materials.
"There's an inherent belief that there are always trade-offs
with sustainable products when in actuality they can simply be
better for people and better for the planet," said Oliver Libby, Managing Partner, Hatzimemos /
Libby. "LOLIWARE proves that aiming for high returns from high
impact, socially responsible companies is not concessionary. We're
investing in and co-building companies that we believe are good for
people, the planet, and investors alike."
Nishan Degnarain, an award-winning International Development
Economist who chairs the LSE's Ocean Finance Initiative and was the
former Chair of WEF's Global Ocean Agenda Council joins the
LOLIWARE board said, "I joined the board because LOLIWARE is
dedicated to leading the blue carbon economy with the proliferation
of seaweed kelp forests to support a post-plastic world." Degnarain
advised Mauritius on its new
Ministry of Ocean Economy, brokered the UN Declaration on Tuna
Traceability, and was formerly at the UK's Prime Minister's
Strategy Unit. He is the author of the book Soul of the Sea in the
Age of the Algorithm.
About LOLIWARE
LOLIWARE has pioneered the world's leading seaweed technology to
replace single-use plastics. LOLIWARE's products harness LIST
(LOLIWARE Intelligent Seaweed Technologies) to create single-use
items designed to disappear. The company's headquarters are in
New York.
In 2019, the company launched LOLIWARE's Straw - The Straw of
the Future - to replace the 360 billion plastic straws used
annually worldwide that contaminate our oceans and harm marine
life. The company is venture-backed by Closed Loop Ventures,
Hatzimemos/Libby, Mark Cuban, and NY
State Venture Fund. http://www.loliware.com
Contact: hello@loliware.com or
cristina.dunning@sparkpr.com
SOURCE Loliware