SWITZERLAND – Flavors and fragrances company, Firmenich has made a co-investment with Quadia in LOOP, a green packaging pioneer, Series A funding round.
Supported by some of the largest consumer brands, with early partners including Procter & Gamble, Unilever and Nestlé, LOOP is a new, disruptive e-commerce and retail distribution service based on reusable packaging.
Firmenich announced the investment the American Cleaning Institute’s (ACI) annual convention, which the company said is a step further in demonstrating the group’s commitment to the circular economy and addressing sustainability in a single-use era.
“As a global environmental leader with a unique legacy in responsible business, we are firmly committed to eliminating non-recycled plastics in our operations and supply chains,” said Gilbert Ghostine, CEO Firmenich.
“Our participation in LOOP’s pioneering model to remove waste marks a new milestone in our journey to foster sustainable production and our active support for the circular and regenerative economy.”
“Single-use waste is a growing environmental issue that no company can ignore. We need innovative businesses like LOOP and collaboration between multiple stakeholders to tackle such a global challenge,” said Dr Bérangère Magarinos-Ruchat, Chief Sustainability Officer Firmenich.
“We are delighted to contribute to LOOP’s growth and the acceleration of sustainable lifestyles”.
LOOP allows brands to redesign the packaging of their most consumed products in line with a circular e-commerce model that maintains the two main benefits of disposability: convenience and affordability.
The company modernizes the traditional “milkman model” in an efficient and durable way by tackling the issue of single-use plastic waste.
By managing the collection, storage, cleaning and delivery of clean packaging to manufacturers, LOOP is the first of its kind global packaging and shopping circular solution.
The funds raised in this equity round will finance the initial deployment of LOOP before expanding global operations in the UK, Japan, Germany and Canada in 2020, and Australia in 2021.
According to Firmenich, this joint participation with sustainable investment firm, Quadia is aligned with the company’s values and strong commitments to minimize its environmental impact.
The Swiss company has committed to a net zero carbon future by 2050 and currently operates with 100% renewable electricity in North America, Latin America, Europe, Africa and the Middle East, China and India.
Firmenich was recently recognized among one of only two companies worldwide to have achieved “triple As” with CDP, in Climate, Water and Forestry and was recently awarded the “Most Sustainable Company in the Flavours and Fragrance Industry” by World Finance magazine.