One Point Five just raised $10 million to replace single-use plastics. Check out the pitch deck it used to raise the round led by Speedinvest.
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- A startup cofounded by former execs from vertical farming unicorn Infarm has raised $10 million.
- Hamburg-based One Point Five is designing “litter-proof” materials for sauce and shampoo sachets.
- We got an exclusive look at the 10-slide pitch deck it used to raise the cash.
A startup designing and developing “litter-proof” material to replace single-use packaging has raised 10.5 million euros (around $10.1 million).
Founded in 2020, One Point Five – whose name references the Paris Agreement’s goal of keeping global warming 1.5 degrees below pre-industrial levels – is working on a platform to discover, design, and optimize paper-based packaging that can be recycled.
It is the brainchild of Martin Weber and Claire Hae-Min Gusko, the former chief financial officer and head of business strategy respectively at vertical-farming unicorn Infarm. The pair’s time as early employees at Infarm was invaluable, Weber told Insider, as it prepared them with the knowledge and experience to start their own business.
It was “borderline crazy” for them to walk away from well-paid, stable jobs at the height of the pandemic, Weber said. “In the end, we saw an opportunity. We felt that we had a business idea that deserved to be brought to primetime.” Infarm recently cut 50 staff as it grapples with the economic downturn, according to Sifted.
Hamburg-based One Point Five expects to work directly with brands or packaging manufacturers who will request an alternative and sustainable material for specific products, for example, crisp packets. It is currently focused on replacing single-use sachets used for condiments, conditioners, and cosmetic face masks.
While designed to be recyclable, One Point Five’s materials will also be “litter-proof,” Weber said. This means that in case the packaging is thrown away and not recycled, it will naturally degrade in soil and marine environments without causing harm to those ecosystems.
In the US, around 221kg of plastic waste is produced per person, according to data from the OECD. Worldwide, just 9% of plastic waste is recycled with half ending up in landfills.
The criteria for materials will differ depending on the use case, for example how well it can keep oxygen, water, and grease in or out.
The startup has built a software platform that scans patents around the world, taking advantage of technologies “sitting idle in universities and research institutes.” Relevant IP will be licensed out or bought, then combined and built on to create materials that fit the customer’s specific use case. Weber said this modular approach allows them to reuse IP while creating bespoke packaging for its customers.
Prototypes will be developed and iterated on-site in Hamburg, presented to the customer, and then licensed out for them to scale and take to market as sustainable packaging.
The company is currently targeting the Asian market, where it is launching a replacement to single-use sachets. It will tackle Europe next, starting with Germany, then Austria, and Switzerland.
The round was coled by Speedinvest, Planet A Ventures, and Green Generation Fund. Climentum Capital, Revent, and WEPA Ventures also handed One Point Five checks.
The Seed round will go into product development, buying IP, and procuring materials as the company establishes its research and development facility. Its 35-strong workforce will grow to 50, a headcount Weber plans to keep stable until the company’s Series A.
It includes a previously unannounced pre-seed round of 2 million euros.
Long term, One Point Five is set on becoming “the backbone of the packaging industry.”
Check out the 10-slide redacted deck below.