Potato waste cling wrap raises $24 million

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In Australia, a husband-and-wife team of entrepreneurs has raised $24 million to advance commercialization of a compostable cling wrap made from potato waste.

Called Great Wrap, the material breaks down into carbon and water within 6 months. Groundswell Ventures, Springbank Collective, and Trail Mix Ventures all participated in the Series A, which will help Great Wrap ramp up production to 30,000 tons by the end of 2023—diverting 50,000 tons of potato waste from landfills in the process. The product is currently only available in Australia, but will roll out in the US in September, according to vegconomist.  

“We’ve made it possible for Australians to ditch plastic without changing their habits and plan to do the same in the U.S.,” says cofounder Julia Kay. “We’re proudly helping people take a step towards a more sustainable future, by making our compostable stretch wrap readily available at an affordable rate.”