Cruz Foam Secures $18M in Series A Funding Led by Helena

Investment will enable rapid commercialization scale as company responds to urgent global market demand and converts to Benefit Corporation

SANTA CRUZ, Calif., October 28, 2022 /PRNewswire/ — Cruz Foam, a circular materials company providing bio-based and regenerative replacements for single-use plastic in the multi-billion dollar packaging industry, today announced a $18M Series A funding round led by problem-solving group, Helena. The round was joined by a small planetRegeneration.VC, At One Ventures and SoundWaves.

Cruz Foam is scaling up the production of circular materials with existing industries that are catalyzing the shift of global supply chains away from harmful single-use materials for protective packaging and other uses. The first product line targets plastic foam. The company was founded in 2017 by Felt jeansCEO and Marco Rolandi, Scientific Director, with a mission to replace petroleum-based single-use plastics, starting with replacing EPS and EPE and evolving into new spaces such as cold chain and primary packaging for consumer goods packed. The sustainable packaging market is expected to grow to reach $358 billion by 2028.

The sense of urgency for companies to switch to more sustainable materials has been reinforced by government legislation, as well as calls from NGOs and consumers for short-term solutions. Cruz Foam is a proactive solution that answers that call and accelerates the pace of change by preventing new plastic from entering the waste stream by design. Derived from all natural food waste, Cruz Foam was developed to provide protection and performance, but without negative environmental impacts.

Matthew Saunders of Helen, Will Peterffy of a small planetand an independent director will join the current Cruz Foam board members, CEO and co-founder, Felt jeansand Executive Chairman and Chief Operating Officer, Toby Corey. The company has also recently strengthened the management team by integrating Ted Witt as Vice President of Business Operations and Carl Woods as SVP Finance.

The company also announced its conversion to Benefit Corporation, formalizing its longstanding commitment to creating a more sustainable planet. Cruz Foam will report annually on its progress in achieving its public interest.

“Cruz Foam’s A-Series will allow us to accelerate and expand the commercialization of our circular materials to meet urgent market demand,” Felts said. “Helena is very much aligned with our mission and values. We are excited to work with their team and our other partners to provide proactive solutions to address the preventable environmental crisis of plastic pollution. Additionally, our conversion en Benefit Corporation underscores our core values ​​and commitment to this mission.”

“Petroleum-based products, especially those designed for single use, pose one of the greatest threats to our planet,” says Henry Elkus, founder of Helena. “Through our work and investment with partners like Cruz Foam, we aim to solve the problem in a completely innovative way to support meaningful change in the packaging space.”

About Cruz Foam

Foam Cruz is a circular materials company that produces regenerative, earth-digestible protective packing foam and other eco-friendly solutions that provide a sustainable alternative to petroleum-based products. Cruz Foam’s patented products are circular in nature, using biopolymers found in nature to create a compostable material using the existing supply chain and at a similar cost. Cruz Foam currently works with consumer packaged goods, electronics, appliance and durable goods companies. Cruz Foam is a mission-driven company that creates impact at scale by empowering industry leaders to be the catalyst for a cleaner environment. Cruz Foam is headquartered in Santa Cruz, California.

About Helen

Helena is a global problem-solving organization. Through Helena projects, Helena seeks to implement solutions to critical societal problems. Since its founding in 2015, Helena Projects has included: America In One Room, which caught the attention of the President barack obama and the New York Times for one of the most important political experiments in the history of the United States; Factory in the Sky, which supported the development and construction of the world’s first carbon capture plant; Shield, which worked to protect the power grid from foreign and domestic threats; The Covid Project, which has provided tens of millions of units of medical supplies and personal protective equipment to frontline responders during the COVID-19 pandemic; and Energy Vault, which has expanded pathways for renewable energy adoption through a $22 million investment in sustainable grid-scale energy storage. To learn more about Helena, visit https://helena.org/.

About At One Ventures

At One Ventures invests in deep disruptive technologies that can help humanity become a net positive for nature. The company is very technical and was founded by Tom Chi, former head of experiment and founding member of Google X. At One Ventures finds, finances and develops high-tech startups to catalyze a world where humanity is a net positive for nature. To date, At One Ventures has invested in 21 startups, including Iron Ox, Dendra, Gradient, Apis Cor, Alchemie Technology and Cruz Foam. For more information, please visit https://www.atoneventures.com/.

About a small planet

a small planet is a Vital Capital group. We are on a mission to harmonize the wealth of people and the planet by working with the intelligence of the natural world to evolve our economic systems. Our founder, Will Peterffy, has spent his life building bridges between the natural world and the financial world. Seeing how economic wealth did not encourage ecological wealth, he started a small planet participate in the creation of new global systems informed by the natural world. a small planet Fire Fund approaches investing by focusing first on the ripple of impact, then on the return on investment. We work with capital to contribute to new systems focused on regenerative technologies that support human systems operating in harmony with nature. a small planet So far, Fire Fund has invested in 10 companies and several funds and is set to deploy capital for its second fund soon. To find out more visit onesmallplanet.org.

About Regeneration.VC

Regeneration.VC invests in creating teams accelerating the transition to a circular economy. We are seasoned entrepreneurs and early-stage investors with a world-class advisory team of scientific, business, cultural and environmental leaders. To learn more about how the circular economy is transforming global trade and rejuvenating our planet, please visit https://www.regeneration.vc.

About SOUNDWaves

SOUNDWaves is a climate-focused investment vehicle that partners with leading brands and companies to pilot and invest in green startup solutions for supply chains. SOUNDWaves is dedicated to supporting the next generation of clean, circular and sustainable businesses and works closely with founders to adapt corporate contracts. SOUNDWaves is an extension of SOUND Ventures and is headquartered in Los Angeles, California.

SOURCE Cruz Moss