SANTA CRUZ, Oct. 28, 2022 — Cruz Foam, a circular materials firm that provides bio-based, regenerative substitutes for single-use plastic in the multibillion-dollar packaging market, announced a USD 18 million Series A financing round headed by the problem-solving organization Helena. One Small Planet, Regeneration.VC, At One Ventures, and SoundWaves also participated in the round.
Cruz Foam is collaborating with established businesses to scale the production of circular materials, driving the transformation of global supply chains away from damaging single-use materials for protective packaging and other purposes.
The initial product line is aimed for plastic foam. John Felts, CEO, and Marco Rolandi, Chief Science Officer, created the firm in 2017 to replace single-use, petroleum-based plastics, beginning with EPS and EPE replacements and expanding into other areas such as cold chain and main packaging for consumer packaged products. The market for sustainable packaging is anticipated to reach USD 358 billion by 2028.
Government laws and appeals from NGOs and customers for short-term solutions have increased the sense of urgency for enterprises to migrate to more sustainable materials. Cruz Foam is a proactive solution that responds to that request by preventing additional plastic from entering the trash stream by design. Cruz Foam was created from entirely naturally occurring food waste ingredients to provide protection and performance while minimizing environmental effects.
Matthew Saunders from Helena, Will Peterffy from One Small Planet, and an Independent Director will join Cruz Foam board members John Felts, CEO, and Cofounder, and Toby Corey, Executive Chairman, and COO. Ted Witt, VP of Commercial Operations, and Carlo Woods, SVP of Finance, have just joined the company’s executive team.
In addition, the firm announced the conversion to a Benefit Corporation, formalizing its long-standing commitment to creating a more sustainable world.
More about the company:
Cruz Foam is a circular materials firm that manufactures regenerative, earth-digestible protective packaging foam and other environmentally friendly solutions that provide a long-term alternative to petroleum-based goods. Cruz Foam’s patented products are circular, employing biopolymers found in nature to create a biodegradable material that uses the current supply chain and costs the same. Cruz Foam now collaborates with firms in the consumer packaged goods, electronics, appliance, and durable goods industries. Cruz Foam is a mission-driven firm that empowers industry leaders to be the catalyst for a cleaner environment, resulting in large-scale impact. Cruz Foam’s headquarters are located in Santa Cruz, California.
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