[Funding news] FL-based Solubag Secures $4.5Million in Series A Round Funding

Solubag, a provider of a water-soluble alternative solution to single-use plastic, secures $4.5million in series A round funding. The round was led by Exit Ventures with participation from Between the Coasts Ventures, Landon Ainge, a confidential customer, and others. Paul Burgon, Managing Partner at Exit Ventures, joined Solubag’s Board of Directors.

The money will be used by the business to grow both its operations and growth initiatives.
Under the direction of CEO Mike Latham, Solubag adapted and patented the formula used in vitamin and supplement gel caps to create film bags (such shopping bags and envelopes), woven fabric bags, pet waste bags, laundry sheets and tableware including straws, plates, cups and utensils.

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Its products dissolve in water or soil harmlessly in a matter of weeks or months, negating the need for recycling or segregation from other waste. Similar to gel caps, the items are made from approved food-grade components that have a long history of being safe for consumption.

About Solubag

Solubag eliminates single-use plastics with disruptive and patented biodegradable raw material that dissolves in water. Since 2014, Solubag is committed to creating disruption and high-impact marketing and packaging products, both flexible and rigid.