A Brisbane startup that has developed waterproof coatings for packaging than ensures it’s still recyclable has raised $1.85 million in a pre-Seed round.
Earthodic’s bio-based coating solution, Paperbarc, provides paper and packaging with enhanced water resistance while still being strong and recyclable. It’s a potential replacement for the current use of wax or plastic-coated packaging.
The Paperbarc coating is suited to bulk and secondary packaging applications in agricultural and food supply chains that require water resistance, including seafood and fruit and vegetables.
The round was co-led by agritech fund Tenacious Ventures and impact VC Investible, with support from decarbonisation fund the Twynam Earth Fund and New York circular economy investor Closed Loop Partners.
The funds raised will be used to scale up production of Paperbarc, ramp up sales and marketing, and expand the startup’s intellectual property portfolio.
Co-founders Albert Tietz, Fiona Donaghey, Anthony Musumeci and Melissa Mail have worked together on several projects, including early stage commercialisation initiatives, startup investment opportunities and materials consulting projects before launching their materials science startup last year.
Musumeci said the company recently achieved significant milestone with the completion of a commercial scale manufacture run in the US. Paperbarc has also received 100% USDA Biobased Product Label certification and ability to participate in the USDA Biopreferred Program.
“I am grateful for the incredible support of our investors, who share our unwavering passion for sustainability and circularity, and wholeheartedly believe in our mission to create a better future for all,” he said.
“We are excited about the early success we’ve achieved, and cannot wait to explore future opportunities to scale up our technology and continue creating a positive impact.”
Investible investment manager Ben Lindsay said they were impressed with the persistence the cofounders have shown in building the coatings technology.
“The Earthodic team brings a strong blend of research and commercial acumen, manufacturing and sustainable materials expertise perfectly aligned with the problems they are addressing,” he said.