In Seattle, online retail behemoth amazon has invested an undisclosed sum in bioplastics startup Genecis.
Luna Yu founded Genecis at the age of 21 to convert organic waste into biodegradable plastic. The funds were distributed from amazon’s Climate Pledge Fund, which has earmarked $50 million for female-founded and -led climate technology companies through its Female Founder Initiative. The program also invests money in incubators and accelerators that support women entrepreneurs to help address the gender-equity funding gap.
Women founders and their companies often receive a fraction of the venture capital funding—less than 3%—of their male peers, according to Pitchbook.
“If we want to address climate change at scale, women like Luna need resources to build their companies,” says Phoebe Wang, investment partner and head of the Female Founder Initiative. “By funding more companies like Genecis, we aim to send a ripple effect through the venture capital
Amazon is currently evaluating ways to use Genecis’ technology, saying its bioplastics could potentially offer Amazon customers the opportunity to receive grocery and pharmacy items in bioplastic packaging that is both biodegradable and easily recyclable.