Solubag, a Hallandale Beach, FL-based provider of a water-soluble alternative solution to single-use plastic, raised $4.5M in Series A funding.
The round was led by Exit Ventures with participation from Between the Coasts Ventures, Landon Ainge, a confidential customer, and others. Paul Burgon, Managing Partner at Exit Ventures, joined Solubag’s Board of Directors.
The company intends to use the funds to expand operations and its development efforts.
Led by CEO Mike Latham, Solubag modified the formula used in gel caps for vitamins and supplements, patenting it to produce film bags (such as grocery bags and envelopes), woven fabric bags, pet waste bags, laundry sheets, and firmware such as utensils, straws, plates, and cups. Its products require no recycling or separation from other waste, as they dissolve harmlessly in water or soil within weeks or months. Like gel caps, the products are certified food-grade, with raw materials that have a long history of food safety.
FinSMEs
17/10/2024