Earthodic Secures Pre-Seed Funding to Revolutionise Sustainable Coatings.

Brisbane, Queensland – 31st May, 2023

The company’s innovative bio-based coating solution, PaperbarcTM, provides paper and packaging with enhanced water resistance and strength without compromising the ability to be recycled or composted at end-of-life*, with the necessary infrastructure in place. This is often a challenge for many of the current wax or plastic-coated packaging products on the market.

Co-led by Tenacious Ventures and Investible, the round attracted investment from a number of high-profile investors including Twynam Group and USA-based Closed Loop Partners. The funds raised will be used to accelerate the growth of the company, with a particular focus on technology scale up, increasing sales and marketing efforts, and expanding the company’s intellectual property portfolio.

“We are very excited to be supporting the team at Earthodic. Packaging in the agricultural and food value chain is a massive, visible sustainability challenge and we look forward to seeing the impact their solution will make” said Sarah Nolet, Managing Partner at Tenacious Ventures.

Following completion of the round, Earthodic has been working to scale up the production of PaperbarcTM. The company recently achieved significant milestone with the successful completion of a commercial scale manufacture run in the USA. PaperbarcTM also recently received 100% USDA Biobased Product Label certification and ability to participate in the USDA Biopreferred Program. These milestones allow Earthodic to offer commercial quantities to packaging manufacturers looking to deliver a 100% biobased coating to end-users and aid in reaching ESG targets. In particular, PaperbarcTM is well suited to bulk and secondary packaging applications in the agricultural and food supply chain that require water resistance and enduring structural integrity (i.e., replacing wax boxes for fruit, vegetables and seafood that are going in and out of cold rooms).

“I am grateful for the incredible support of our investors, who share our unwavering passion for sustainability and circularity, and wholeheartedly believe in our mission to create a better future for all” said Anthony Musumeci, co-founder of Earthodic. “We are excited about the early success we’ve achieved, and cannot wait to explore future opportunities to scale up our technology and continue creating a positive impact.”

“The Earthodic team brings a strong blend of research and commercial acumen, manufacturing and sustainable materials expertise perfectly aligned with the problems they are addressing. We were impressed with the incredible persistence they’ve shown to date building this technology and look forward to supporting their next phase,” said Investible Investment Manager Ben Lindsay.

Earthodic is now focused on expanding its commercial engagements with organisations seeking more sustainable solutions for wax and plastic-coated paper packaging.

*Certifications pending

About Earthodic    Earthodic is a sustainability-driven company that provides natural material solutions for a circular economy. With a mission to reduce global dependence on non-renewable resources, Earthodic’s bio-based coatings provide natural materials like paper, agricultural and construction materials, with enhanced properties without compromising their end-of-life options. Collaborating with manufacturers, converters, and consumer brands, Earthodic is dedicated to creating a more sustainable and circular world. For more information please visit www.earthodic.com.

About Tenacious Ventures     Tenacious Ventures is a thesis-led venture firm focused on unlocking impact & returns at the intersection of food system transformation & climate solutions. Tenacious was established in 2019 as Australia’s first and only dedicated agrifood tech venture capital firm, with a mission to help agriculture transition to a carbon-neutral and climate change resilient future. With a primary focus on Australian-originated opportunities, Tenacious identifies and supports innovators with scalable, defensible, and globally relevant solutions for sustainable, resilient, and profitable agriculture. For more information please visit https://tenacious.ventures/

About Investible     Investible is an Asia-Pacific-based early-stage venture capital firm backing the visionaries advancing humanity through technology. Founded in 2014 and with offices in Sydney and Singapore, its unique approach to early-stage tech investment sees its cross-sector and climate tech VC Funds co-investing alongside members of Club Investible, an active, global investor syndicate and community. The Investible portfolio includes more than 130 technology companies across 11 countries and 20 sectors including Canva, Ipsy, Car Next Door, Quantum Brilliance, Eden Farm, Applied EV and more. For more information please visit https://www.investible.com/

About Twynam   The Twynam Earth Fund is backing founders innovating in early stage decarbonisation globally. For more information please visit https://www.twynam.com/earth-fund

About Closed Loop Partners    Closed Loop Partners is at the forefront of building the circular economy. The company is comprised of three key business segments. Closed Loop Capital Management manages venture capital, growth equity, buyout and catalytic private credit investment strategies on behalf of global corporations, financial institutions, and family offices. The Center for the Circular Economy unites competitors and partners to tackle complex material challenges and implement systemic change to advance circularity. Circular Services employs innovative technology within reuse, recycling, remanufacturing and re-commerce solutions to improve regional economic and environmental outcomes, and build resilient systems that keep food & organics, textiles, electronics, packaging and more, in circulation and out of landfill or the natural environment. Closed Loop Partners is based in New York City and is a registered B Corp. For more information, please visit www.closedlooppartners.com