Cove recently announced the closing of its latest funding round, which will enable it to supply its biodegradable materials and packaging technologies to consumer-packaged goods companies trying to reduce plastic use in the industry. And Cove’s packaging is biodegradable and home-compostable – naturally occurring and completely free of synthetic plastics or microplastics.
Cove had commercialized biodegradable water bottles in December 2022, with a test launch in California through premium grocer Erewhon. And many high-profile influencers and celebrities celebrated the launch online, bringing attention and interest from many of the largest consumer brands.
After the launch, Cove received many requests from retailers and brands that wanted to use the packaging technology and materials for their own products. Cove is now in discussions with many of the largest global consumer brands. And it took Cove four years to develop the packaging and the bottles. Of interest is Cove’s proprietary AI development tools – which will enable accelerated material formulation for difficult applications.
Cove’s latest funding round – led by its long-time lead investor Valor Siren Ventures – was oversubscribed. The majority of Cove’s existing investors including Lupa Systems, Litani Ventures and a number of high-profile celebrities, also participated in this funding round.
KEY QUOTES:
“We’re very excited about working with the most iconic brands in the world to adopt our technology and move away from conventional plastics that contribute to plastic pollution. We feel we can achieve maximum reach with our technology through partnerships with these brands.”
- Alex Totterman, Cove’s CEO and founder
“Plastic pollution is in need of real solutions. We are extremely grateful to have partnered with Cove and led multiple financing rounds to support the Company’s vision of creating a sustainable material world. We believe Cove has the potential to bring meaningful change to the consumer packaging sector.”
- Jon Shulkin, Partner and Co-President of Valor Equity Partners
