Billionaire Backs Sugarcane Waste Packaging Alternative to Plastics
Australian startup Varden converts sugarcane waste into a plastic-like packaging material, securing $2.2 million from billionaire Li Ka-shing's Horizons Ventures to meet growing sustainable packaging demands.
Two Australian entrepreneurs secure $2.2 million from billionaire Li Ka-shing's venture capital fund, Horizons Ventures, for their startup Varden. The company develops a unique technology that transforms sugarcane waste into a paper-like packaging material that functions just like plastic. This significant financial backing highlights the growing investor interest in sustainable alternatives as global regulations tighten.
The timing for this innovative packaging solution is ideal as the European Union prepares to enforce its ban on single-use plastics in 2021. Major corporations like Nestlé and Walmart also pledge to transition exclusively to sustainable packaging by 2025. Furthermore, the COVID-19 pandemic increases household waste, making the urgent need for eco-friendly packaging solutions even more apparent to consumers and businesses alike.
Varden's co-founders, Stuart Gordon and Mark Appleford, initially develop their sugarcane bagasse technology in a laundry room back in 2015, driven by a shared desire to reduce beach pollution and environmental damage. They successfully create early prototypes, including coffee pods, through a partnership with manufacturer Fisher and Paykel. Horizons Ventures representative Chris Liu, who personally experiences the Australian wildfires, expresses strong support for the startup because of its potential to significantly reduce carbon emissions.