Today Cove announced the closing of its latest funding round, which will allow it to supply its biodegradable materials and packaging technologies to consumer-packaged goods companies that are trying to reduce the use of plastic in the industry.
Cove’s packaging is biodegradable, home-compostable, naturally occurring and completely free of synthetic plastics or microplastics.
Cove commercialized biodegradable water bottles in December 2022, with a test launch in California through premium grocer Erewhon. Many high-profile influencers and celebrities celebrated the launch online, attracting attention and interest from many of the largest consumer brands.
Following the launch, Cove was inundated by requests from retailers and brands that wanted to use the packaging technology and materials for their own products.
“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,” said Alex Totterman, Cove‘s CEO and founder.
Cove is in discussions with many of the largest global consumer brands. It took Cove four years to develop the packaging and the bottles. Of particular interest is Cove’s proprietary AI development tools, which will enable accelerated material formulation for difficult applications.
Cove’s latest round, led by its long-time lead investor Valor Siren Ventures, (whose corporate backers include Nestle, Starbucks and Marriott,) was oversubscribed. The majority of Cove’s existing investors, including Lupa Systems, Litani Ventures and a number of high-profile celebrities, participated in this funding round as well.
“Plastic pollution is in need of real solutions,” said Jon Shulkin, Partner and Co-President of Valor Equity Partners. “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.”
About Cove
Cove is a material science company re-engineering the products most polluting the world by helping global brands transition to sustainable materials. Using their proprietary AI development tools Cove creates sustainable biomaterials and packaging that are fully biodegradable, bio-based and renewable, to replace plastics. Cove is based in Southern California and backed by a group of notable investors and celebrities including Valor Equity, Marc Benioff, James Murdoch, Tony Robbins and Peter Rahal. Cove was named the Plastic-Free Innovation of The Year by Dieline.
Source
Cove, press release, 2023-10-04.
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