SourceGreenPackaging.com, the world’s first global B2B marketplace dedicated to sourcing forevers plastics free packaging products, has just launched with an oversubscribed pre-seed round. The company, based in Hong Kong and addressing an international audience of buyers, offers an online e-commerce platform to help food companies and retail brands find sustainable packaging materials amid growing consumer demand for plastic-free options.
SourceGreenPackaging.com has launched as the world’s first global e-commerce B2B marketplace for sourcing sustainable packaging products and materials. Announced today (August 31), the platform is making its beta debut with an undisclosed oversubscribed seed round that included backing from several well-known sustainability veterans and industry leaders based across Asia-Pacific.
The round saw the participation of executives at Shiok Meats, Asia’s top-funded cell-based seafood startup—co-founders Dr. Sandhya Sriram and Dr. Ka Yi Ling, alongside COO Durgalakshmi Sathiakumar all participated —as well as world-renowned Green Monday and OmniFoods founder David Yeung and executive director Jenny Ng.
Other notable investors include Michal Klar, alt-protein investor, founder of Future Food Now and former executive at European e-commerce sites OLX and Allegro, and Australian plant-based investor Simon Newstead, both of whom have backed alt-protein startups like Singapore plant-based chicken sensation TiNDLE, as well as Jackson and Emily Kelleher of WELL Magazine, Asia.
SourceGreenPackaging.com claims to be the first-of-its-kind globally, offering a dedicated online portal for international food companies, retail brands and e-commerce businesses to source plastic-free certified packaging products and materials, seamlessly and safely. The platform itself is designed to be easy to use, offering a solution for what has traditionally been a difficult task for businesses.
The platform was co-founded by CEO Sonalie Figueiras, known affectionately across the region as Asia’s Green Queen. A serial sustainability entrepreneur, she is the founder of this eponymous sustainability media outlet and global organic B2B matching platform Ekowarehouse. Joining her as co-founder and COO is Luc Des Vallières, a shipping and logistics veteran.
Both Figueiras and Des Vallieres are ardent ‘zero wasters’ in their personal lives and they joined forces to address what they consider to be one of the biggest crises of their lifetimes. “We both have kids and we are sickened to think of the scale of the plastic waste problem they will inherit. We produce over 300 million tonnes of plastic waste each year, and less than 10% gets recycled. We have to act now.”
Commenting on the pre-seed fundraise and launch, Figueiras said she was “amazed by how quickly we were able to raise funds”, adding that the company’s initial target was met within just two weeks, prompting an extension of the round. “We ended up raising more than double what we planned.”
Rising demand for sustainable packaging
For the co-founders, the successful pre-seed is evidence of the huge gap in the market that needed to be filled, given the surging demand for plastic-free packaging solutions from conscious consumers, with a recent survey showing finding that 81% of respondents ‘believe that companies use excessive packaging when shipping products’ and 57% ‘would pay at least 10% extra for eco-friendly packaging’.
“It’s clear we have reached a tipping point in terms of awareness about packaging, forever plastic waste and the crisis in our oceans,” said Des Vallières.
“The pandemic really brought home the need for solutions,” says Figueiras. “A recent study showed that takeaway F&B packaging—bags, bottles, containers and wrappers—makes up 44% of all the trash in our oceans. This feels unacceptable given there are so many innovative and planet-friendly solutions out there.”
Des Vallières adds that with more solutions coming onto the market, SourceGreenPackaging.com will make it easier by narrowing down to solutions that specifically address single-use forever plastics within the F&B and online retail sector, with an added emphasis on shipping and logistics packaging. The focus will be on waste byproduct materials, certified home compostability and non-toxic solutions.
“We’re excited to celebrate the growing sector of ‘Pack-Tech’ and our launch suppliers represent packaging and material innovation from all four corners of the globe,” he said, adding that the B Corp certified (pending) platform will provide custom sustainable packaging design and consulting services, startup-to-FMCG matching and useful guides on standards, regulations and the latest technology as part of its efforts to build a global green packaging ecosystem.
Bullish sentiment for the sustainable packaging sector
With growing consumer demand, investment has been pouring into the sustainable packaging industry, SourceGreenPackaging.com’s oversubscribed round being just the latest example. Israel’s TIPA, for instance, bagged $4 million for its compostable flexible food-grade packaging last year, and recently, American company Novolex acquired the industrial compostable foodware pioneer Vegware.
A new report by Emergen Research estimates that the global sustainable packaging market will be worth $469.49 billion by 2027.
SourceGreenPackaging.com stands out as a B2B marketplace solution. Rather than offering its own packaging products, it showcases a wide range of certified sustainable products and suppliers, connecting them to businesses searching for safe and climate-friendly alternatives.
The company says it is committed to a transparency-first vetting approach, backed by an Ethics Committee featuring leading experts and scientists including University of Michigan bioplastic pioneer Dr. Ramani Narayan, founder of NGO OceansAsia Gary Stokes and A Plastic Planet’s Henri Allen, all of whom help guide the platform’s decisions about materials and toxicity.
For investor Michal Klar, the startup is poised to help “accelerate the necessary transition to earth-friendly packaging globally.”
Emily Lam, who co-founded environmental NGO Eco Drive Hong Kong with Angela Cheng Matsuzawa and Sherry Fung Wong and also made an investment in SourceGreenPackaging.com, agreed.
“More sustainable and affordable solutions are here but they are not easily accessible to businesses, especially for SMEs,” said Lam. “I’m proud to support SourceGreenPackaging.com to democratize easy access to eco-friendly packaging solutions and make our planet a shade greener.” Cheng Matsuzawa concurs: “I look forward to seeing SourceGreenPackaging.com become the go-to platform for businesses big and small to find trustworthy, non-greenwashed packaging suppliers”.
Lead image, video and website screenshots courtesy of SourceGreenPackaging.com.