In Australia, Earthodic, a developer of biobased, water-resistant coatings, has raised $4 million to boost production and partnering in the US market. Dubbed Biobarc, the coating can replace traditional coatings that make it impossible to recycle disposable beverage cups.
The investment was led by FTW Ventures. Tenacious Ventures, Investible and Closed Loop Partners, which collectively contributed $1.85 million to last year’s pre-seed round for the Brisbane-based company, also participated. Circulate Capital, Queensland Investment Corporation, UniQuest Fund, Significant Capital Ventures, Branch Venture Group, RedStick Ventures, and American angel investors also contributed.
“We’re pretty excited by that, because we’re starting to do quite a bit in terms of the supply chain and manufacturing production in the US,” said CEO and co-founder Anthony Musumeci.