Seattle based Cloud Paper raised US$ 3M in its seed financing round on 22 September with a lead investment from Greycroft and other notable investors. Its total funding amount stands at US$ 4.5M.
Apart from Greycroft other participants in the funding round included American Actor Ashton Kutcher, Guy Oseary, Marc Benioff, Mark Cuban, Uber CEO Dara Khosrowshahi, NFL Quarterback Russell Wilson, Grammy Award-winning singer/songwriter Ciara, serial-entrepreneur Grant Ries Gwyneth Paltrow, Robert Downey Jr.’s FootPrint Coalition, Code.org CEO Hadi Partovi, Muse Capital, Ashley and Marc Merrill among others.
Cloud Paper is a tree-free paper products company committed to manufacturing paper towels and toilet paper. Its mission is to end deforestation from paper products. With this seed funding round, Cloud Paper has become an industry innovator and forest defender, especially when wildfires are devastating forests across the West Coast.
Tree-Free Cloud Paper
Cloud Paper was founded in 2019 by ex-Uber and Convoy executives, Ryan Fritsch and Austin Watkins. Their belief that the environmental impact from the existing paper industry is unacceptable, led to the foundation of the company. The startup claims that they are building the world’s most sustainable paper company and are on the path to save a billion trees.
Cloud Paper’s first product, ultra-soft bamboo-based toilet paper provides customers with a sustainable alternative as compared to other traditional brands, that too at the same price. The 3-ply toilet paper arrives via home subscription with zero-plastic packaging and carbon-neutral deliveries. Cloud Paper claims that its products are used by thousands of households and businesses nationwide.
Realizing the fact that Americans flush the equivalent of a Central Park-worth of trees down the toilet every day, Cloud Paper is spreading awareness about the disaster that deforestation is causing. This seed funding round will help Cloud Paper expand into more tree-free product categories.
“Every person can save 100+ trees in their lifetime by making a switch to tree-free products, like Cloud Paper. We’re on a mission to make that happen. Cloud Paper can help save a billion trees in the years ahead, and it’s incredibly validating to have investors and advocates join us in that mission,” said Austin Watkins.
“We know that deforestation is a leading cause of climate change. We’re giving every person an opportunity to be a part of the solution by preserving forests every single day. We are resetting the status quo by moving away from tree-based paper and using ultra-sustainable, renewable resources like bamboo instead,” said Ryan Fritsch.
Greycroft is a venture capital firm focused on investing in the Internet and mobile markets. It has offices in New York and Los Angeles. Greycroft leverages an extensive network of media and technology industry connections in order to help entrepreneurs gain visibility and bring their products to market. Greycroft has made over 150 investments since inception in leading companies that include Acorns, App Annie, Extreme Reach, Huffington Post, Icertis, JW Player, Maker Studios, Boxed, Braintree, Buddy Media, Everything But The House, Plated, Scopely, Shipt, TheRealReal, Thrive Market, Trunk Club and Yeahka among others.
“Ryan and Austin are combining their tech backgrounds with their passion for impacting lasting change to bring consumers and businesses category-changing, eco-friendly products,” said Dana Settle, co-founder of Greycroft.
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