Firmenich has announced its joint participation with Quadia in green packaging shopping platform Loop’s Series A equity round to eliminate single-use waste.
The investment will contribute to Loop’s growth and demonstrates Firmenich’s commitment to a circular economy and minimising its environmental impact.
Supported by some of the largest consumer brands, with early partners including PepsiCo, Unilever and Nestlé, Loop is a disruptive e-commerce and retail distribution service based on reusable packaging.
Loop allows brands to redesign the packaging of their most consumed products in line with a circular e-commerce model that maintains convenience and affordability. By managing the collection, storage, cleaning and delivery of clean packaging to manufacturers, Loop offers a circular shopping solution.
The capital 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.
Firmenich’s joint participation with sustainable investment firm Quadia is aligned with its commitment to a net zero carbon future by 2050.
Gilbert Ghostine, CEO of Firmenich, said: “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.”
The Swiss fragrance and flavour company currently operates with 100% renewable electricity in North America, Latin America, Europe, Africa and the Middle East, China and India.
Dr Bérangère Magarinos-Ruchat, chief sustainability officer at Firmenich, said: “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. We are delighted to contribute to Loop’s growth and the acceleration of sustainable lifestyles.”
Last year, PepsiCo launched a direct-to-door reusable packaging pilot for Tropicana and Quaker Cruesli in partnership with Loop.
© FoodBev Media Ltd 2019