Hamburg's Bio-Lutions secures millions for expansion plans
Bio-Lutions International AG, the Hamburg-based manufacturer of ecological packaging and disposable tableware made from agricultural waste, has secure EUR 8.3 million in a Series A financing round. Key investors are Delivery Hero SE and Deutsche Investitions- und Entwicklungsgesellschaft mbH (DEG). The latest cash influx will go towards expanding production in India and setting up new production facilities in Europe and Asia.
The demand for Bio-lutions’ ecological packaging has risen sharply since the company set up a production site in India. Founders Eduardo Gordillo and Stefan W. Dircks’ drive to replace plastic waste has sparked interest among large retail customers also. “This important step enables Bio-lutions to sustainably build our team, our production sites and our customer portfolio,” said Gordillo. Three new factories are to be built by 2020.
Reusable instead of disposable
Bio-lutions’ packaging is based on a patented technology to produce packaging and disposable tableware from various agricultural residues without additional binders or chemicals. Founded in 2017, the start-up is committed to climate protection and is pursuing social and ecological objectives. The company sources raw materials such as sugar cane leaves and banana stems from local smallholders. This gives farmers an additional source of income and helps to reduce poverty among the rural population. Agricultural residues are used instead of burning crop residues, which in turn lowers pollution.