Solubag Raises $4.5M to Advance Eco-Friendly, Water-Soluble Plastic Alternatives

Solubag, a company developing water-soluble alternatives to single-use plastics, has secured $4.5 million in Series A funding. The round was led by Exit Ventures, with participation from Between the Coasts Ventures, Landon Ainge, a confidential customer, and others. As part of the investment, Paul Burgon, Managing Partner at Exit Ventures, has joined Solubag’s Board of Directors. The funding will support the company’s efforts to expand its operations and accelerate development. In a statement, Burgon expressed excitement about the investment, highlighting Solubag’s innovative technology and its potential to lead in the cleantech space. Other startups like Calyxia, Cellugy, and Bioform Technologies have also attracted investments aimed at reducing plastic pollution.

Revolutionary water-soluble plastic

Founded in 2020 by Cristian Olivares and Roberto Astete, Solubag offers an innovative solution to plastic waste through water-soluble materials. The company’s technology allows for the production of flexible and rigid films that dissolve in water without leaving harmful residues. By modifying the formula used in gel caps for supplements, Solubag has developed a patented process to create a wide range of products, including grocery bags, laundry sheets, and disposable utensils. These items dissolve in water or soil within weeks, eliminating the need for recycling and reducing environmental impact. Certified food-grade and safe for irrigation, Solubag’s products are both eco-friendly and safe for marine life. Mike Latham, President and CEO, emphasized that the recent $4.5 million investment led by Exit Ventures will accelerate Solubag’s expansion, while Co-Founder Cristian Olivares highlighted the importance of Exit Ventures’ cleantech expertise in driving sustainable growth.