Synthbio startup Uluu chases funding for factory to turn seaweed into plastic at scale
The WA startup is in the process of completing a small round to scale up its business ahead of a Series A before the end of the year.
Conservative estimates have global production of plastic contributing the same amount of carbon dioxide to the atmosphere as 19 million vehicles. Western Australian startup Uluu wants to change that.
The company has devised a way to create plastic by fermenting seaweed. After raising an $8.6 million seed round in November 2022, cofounder Julia Reisser says it’s now looking to scale up.
“At the moment, we are closing a smaller round to start fielding the first components of our first factory, which is going to be in Indonesia,” Reisser said. "That will prepare us very well for a Series A, which we're targeting for the end of the year."
Uluu eventually hopes to set up manufacturing hubs in Western Australia, where Reisser says conditions are ideal for seaweed farming. But Indonesia is a sensible first option because of its tremendous reserves. It is the second biggest seaweed producer in the world, behind China.
