Uluu seals $16m Series A to scale seaweed-to-plastic factory
The Perth-based startup has struck deals with Quiksilver, Papinelle and Audi to start rolling out its sustainable plastic alternative.
Perth startup Uluu has raised $16 million in a Series A round led by German growth investor Burda Principal Investments to fund a commercial-scale plant for its novel technology which turns seaweed into a natural alternative to plastic.
The round attracted support from Australian VCs Main Sequence and Startmate, as well as Hong Kong-based Novel Instruments, the family office of one of the world’s largest textile groups Novetex Textiles.
Uluu also received backing from a consortium of impact and family investors including Fairground and Trinity Ventures. Through Main Sequence spin out Voice Capital — which connects celebrity investors with social impact ventures — there are a few VIP names on the cap table too.
“We need an ecosystem of different people and organisations in different markets, be it fashion with Karlie Kloss or music with Kevin [Parker] from Tame Impala or food markets with Neil Perry,” said Uluu’s co-founder and co-CEO Julia Reisser.
