Almost three million euros for Bio Lutions
The delivery service Delivery Hero as well as other existing investors are adding more money. Bio Lutions has planned another financing round for this year.
It is only the preliminary round, a large Series B financing round is also planned for this year: The cleantech Bio Lutions currently collected 2.7 million euros from its shareholders. The delivery service Delivery Hero and other existing investors are also involved. With the money, the start-up wants to further expand the location in Schwedt, which was newly built in 2019.
The Hamburg-based start-up has been working on recyclable and environmentally friendly alternatives to disposable plastic and packaging since 2014. To this end, it relies primarily on waste products from agriculture: for example, banana or pineapple bushes are ground into fibers. When water is added, the result is a pulp. This can then be pressed into shapes such as plates or cups. The production process requires no chemicals and little energy, and the products are compostable.
Bio Lutions was founded in 2017, and production started in 2018. Delivery Hero and the German Investment and Development Company (DEG) recognized the potential early on and invested over eight million euros in 2019.
The offer comes at just the right time, as the EU is banning disposable plastic items from mid-2021.
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