Notpla, a leading innovator in sustainable packaging, has announced the successful completion of a £20 million fundraising round - the largest funding for a European sustainable packaging growth-stage business in 2024.

The funding was led by UB Forest Industry Green Growth Fund and included a diverse group of existing and new investors including Catalytic Capital for Climate & Health (C3H), an impact-first vehicle by Temasek Trust. Continued support came from existing investors at Horizons Ventures and Astanor, with numerous other funds joining the round, including the Schmidt Family Foundation, Radicle Impact, EIT Food’s AgriFoodInvest, Broadwater Cap, Kibo Invest, Rosebrook, Trousdale Ventures, and Ocean Born Foundation.

Since launching in 2014, Notpla - the winner of the 2022 Earthshot Prize - has replaced over 16 million single-use plastic items across Europe, from their seaweed-lined takeaway food containers, to their famed ‘Ooho’ - an edible liquid bubble. It is expected that they will dramatically increase this volume to over 100 million units annually within the next two years.

This funding round will be used to scale up manufacturing capabilities, broaden the product range, and establish a foothold in new markets, particularly North America.

The team advising Notpla was led by Ian Moore, partner, who was supported by associates Deepti Patankar, Harry Ruffell and Loye Oyedotun.