Cruz Foam, a Santa Cruz-based biomaterial technology startup, has raised $ 2.5 million seed financing to develop the next generation of environmentally friendly packaging solutions.
The seed financing round was led by At One Ventures, with the participation of Sony Innovation Fund, Regeneration.VC and other private investors focused on the environment. This round brings the total funding raised by Cruz Foam to $ 7.2 million, which will allow it to scale its operations and further expand the technology’s technical infrastructure. Austin Noronha, Managing Director of the Sony Innovation Fund, referred to the round:
“Polystyrene pollution is a major problem, especially for our oceans. With platform technology that can strengthen existing materials manufacturing processes and offer a wide range of foam properties, Cruz Foam is fundamentally changing the paradigm by creating a fully compostable equivalent. We focus on supporting companies that develop technologies to address global environmental issues such as climate change, resources, chemicals, and biodiversity, and we look forward to partnering with the Cruz Foam team to provide an environmentally friendly solution to industries, including electronics. household appliances, and durable goods. ‘
Founded in 2017, Cruz Foam aims to empower industry leaders to work for a cleaner the environment offering compostable, protective containers, foams and other ecological solutions. Companies that use this innovative material will have the same benefits as petroleum-based foams in terms of technical strength, flexibility, and quality of protection with lower environmental impact. Tom Chi, founding partner of At One Ventures, said:
“Cruz Foam is taking root in plastic pollution – inventing a multifaceted foam that is compatible with the earth, has a shattering economy, and requires no technical recycling to return to the nutrient cycle. We believe this approach will help set future standards for sustainable packaging and materials.”
Although more than 80,000 tons of polystyrene were produced in the United States in 2019, less than 5,000 tons were recycled, according to. Environmental Protection Agency. Concerned about the growing environmental impact of emerging waste, startups like Cruz Foam are trying to help them recover from the damage by providing environmentally friendly solutions that organizations don’t need to compromise on efficiency or cost.