ULUU believes the seas are the key to addressing the Earth's plastic pollution catastrophe. The Australian company is developing a seaweed-based plastic replacement and hopes to market it within the next year to two years.
Venture Capital
According to TechCrunch, ULUU can maintain a sanitary working environment because its biodegradable polymer, polyhydroxyalkanoates (PHAs), are produced using a fermentation method analogous to beer brewing.
It is durable like plastic but biodegradable and compostable. The material is made with seaweed sugars, seawater, and saltwater bacteria.
Main Sequence, the deep-tech fund established by Australia's national research agency, led the funding venture of AU$8 million (approximately US$5.3 million), with investment from Albert Impact Ventures, Mistletoe, and Possible Ventures.
Managing director of Festival Republic Melvin Benn, Future Classic founder Nathan McLay, chef and restaurant owner Neil Perry AM, model and philanthropist Karlie Kloss, and Tame Impala frontman Kevin Parker - these personalities are also investors through Main Sequence's social impact community Voice Capital.
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Pilot Project
The most recent financing will go into engineering R&D and product development with the goal of increasing PHA manufacturing on a larger scale.
Within the following year, ULUU hopes to begin product testing and scaling at its pilot plant location. It has a wide range of applications, from the apparel and furniture sectors to the packaging and food industries.
TechCrunch reported that ULUU wants to form partnerships with big consumer brands, and it will choose one or two to work with on a pilot project.
To assist fashion firms in creating carbon-negative, marine-biodegradable items, the organization will endeavor to develop commercial ties in the fashion industry.
Having major players in the fashion and beauty industries like Kloss and Parker invest in it would help them make significant networks, according to Michael Kingsbury, ULUU's co-founder.
He pointed out that many manufacturers are considering more ecologically friendly options.
Among these companies is Patagonia, which has set a goal of producing all its goods from renewable or recycled sources by 2025.
Foundation
Dr. Julia Reisser and Michael Kingsbury co-founded the organization.
Dr. Reisser informed TechCrunch that she had worked with plastics for a long time.
She got the idea for ULUU in 2019 while working at the Minderoo Foundation, a philanthropic institution founded by Australian businessman Andrew Forrest. This was where she analyzed how startups are dealing with plastic pollution.
During her Ph.D. studies, she mapped microplastic pollution within Australian waters.
Dr. Reisser looked into how new businesses can be started without using fossil fuels. He found that alternatives made from sugar cane or corn, which can also be used to make PHAs, are bad for the environment.
While at Minderoo, Kingsbury met Dr. Reisser, who was searching for someone with business experience to aid in developing ULUU. The company was established in 2020 and has already raised $1.8 million.
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Written by Trisha Kae Andrada
