American food and beverage packaging company Lumi has announced closing its seed funding round to further strengthen its mission to combat single-use plastic pollution.
This investment round involved the participation of various investors such as Innovent Group, Hydra Group, and Responsibly Fund.
The company will utilise the proceeds from this round to launch the full-scale production of LumiCup, which is a lightweight and endlessly recyclable aluminium cup.
The investment will further help Lumi expand its marketing and sales capabilities by increasing the brand’s visibility and improving customer acquisition efforts.
Another major focus for the company is to establish an inventory and ramp up its output to address bulk orders.
Lumi co-founder and CEO Kevin Diamond said: “We started Lumi in 2021 with a singular vision: to challenge the status quo in disposable beverage packaging and offer the world an eco-friendly, high-performance alternative to wasteful plastic cups.
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
“Today’s announcement is a testament to our persistence, years of meticulous design engineering, and the confidence of our investors.
“With ten million tons of single-use plastic waste coming from the 500 billion plastic cups sold globally every year, there is a loud and urgent call for the change we are starting. As we gear up, we’re delighted to introduce LumiCups to a world that’s been waiting for genuine sustainability in food and beverage packaging.”
Other plans for the company include the launch of its infinitely recyclable 2oz ramekin, or ‘LumiKin’, a small dish for culinary uses, to hold sauces, dressings, and garnishes.
The sustainable packaging company is set to start shipping its products to various industries, including the hospitality, entertainment, travel and leisure sectors, starting early next year.
The environmentally conscious product range offered by Lumi includes recyclable cups in 9oz, 12oz, and 16oz sizes to serve a variety of cold beverages.