TerraCycle, the US-based operator of recycling service Loop, closed a $25m series A round yesterday featuring corporates Nestlé, Sky, Aptar Pharma, Procter & Gamble (P&G) and Suez.
Media company Sky took part through its Sky Ocean Ventures vehicle while food and beverage producer Nestlé, consumer goods manufacturer P&G, pharmaceutical packaging provider Aptar and water and waste services firm Engie invested directly.
ImpactAssets and Quadia filled out the round. The company had secured a total of $7.4m in equity and debt financing over two rounds in 2008 and 2009 according to securities filings, and it received $2m from Sky Ocean Ventures in October 2019.
Founded in 2001, TerraCycle runs a service called Loop that allows customers to refill products such as shampoo bottles from online stores. It works with more than 100 brands including P&G in the UK, US and France, and expects to enter Canada, Japan and Australia by the end of 2021.
TerraCycle chief executive Tom Szaky said: “Given Loop’s global momentum and the limited amount of capital being raised, it was important for us to pick partners who firmly believe in Loop’s mission to establish modern-day reuse systems.
“With this community of partners, Loop is the beginning of the end of disposability, making reuse a viable and accessible option for [consumer packaged goods], retailers and consumers.”