A company that uses seaweed as a replacement for standard plastics in foodservice products is sucking up more investment capital for expansion.
Loliware LLC — and its bio-based straws — was one of eight companies picked for the 2023 class of venture capital firm Engage's Enterprise Go-to-Market program, PN
correspondent Jeannie Reall writes. Engage works with startup companies to become more competitive.
The pellets produced from Loliware's proprietary blend of sustainably farmed seaweeds, minerals and natural colors is neither a conventional plastic nor a conventional bioplastic alternative. But the company says it can be used in the same equipment as existing extrusion systems for traditional plastic straws.
Plastics processor Sinclair & Rush Inc. of Arnold, Mo., makes 100 million seaweed straws per year, Loliware says. The company maintains its straws can degrade in about the same time as a banana peel.
With a push for bioplastics in the U.S. and increased demand in Canada and Europe, Loliware says it could see "hundreds of new locations" begin production this year.
You can find Jeannie's story on Loliware here
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