Material science company Cove has raised an undisclosed amount of investment in a new funding round led by its long-time investor Valor Siren Ventures.
The company’s existing investors, including Lupa Systems, Litani Ventures and other high-profile celebrities, also joined the financing.
Proceeds from the funding will expedite Cove’s distribution of its biodegradable materials and packaging technologies to consumer-packaged goods companies that focus on reducing plastic usage.
Valor Equity Partners co-president and partner Jon Shulkin said: “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.”
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
Cove, which is based in Southern California, creates sustainable biomaterials and packaging solution using its proprietary artificial intelligence development tools.
The company said that it spent four years to develop the packaging and the bottles.
Its packaging solutions are claimed to home-compostable, biodegradable, naturally occurring and 100% free from synthetic plastics or microplastics.
In December last year, Cove started commercialising its biodegradable water bottles, after a successful pilot with grocer Erewhon in California.
The company said that it received requests from retailers and brands to adopt the packaging technology and materials on their products.
Cove CEO and founder Alex Totterman said: “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.”