ULUU raises $8m in latest seed round

Australian plastics replacement company ULUU has raised $8m to help scale its business and bring ocean-derived material into reality to replace plastics across a variety of uses.

Strategic investors included Kevin Parker, frontman of Fremantle-based band Tame Impala and supermodel, entrepreneur and philanthropist Karlie Kloss.

The consortium of strategic investors is backing ULUU as it works to mitigate plastic pollution at scale. ULUU offers a new way to replace many plastics using a natural and truly compostable polymer made from seaweed.

The seed round was led by their existing deep tech investor Main Sequence, founded by CSIRO, with participation from Alberts Impact Ventures, Mistletoe and Possible Ventures.

Others contributed through Main Sequence’s social impact community Voice Capital, including Melvin Benn, one of the biggest names in live events in the UK and Managing Director of Festival Republic (Glastonbury, Reading & Leeds Festival); Nathan McLay and the team at Australian independent music company Future Classic (Flume, Flight Facilities, G Flip); and Australian chef and restauranteur Neil Perry AM.

Dr Julia Reisser, co-founder of ULUU and a passionate ocean scientist said., “Today’s plastic problem reaches far beyond single-use water bottles and straws. Most people don’t realise that plastic has become a ubiquitous part of every aspect of our lives. From the clothes we wear, through to the beauty products we use and the cars we drive — it’s everywhere, and our planet is suffering as a result.

“At ULUU, we’ve discovered a way to create a versatile range of natural polymers called PHAs that can mimic the durability of plastic, but have the added benefit of being biodegradable and compostable. Our fermentation process, which is similar to brewing beer, allows us to maintain a clean production process using ocean resources including seaweed and seawater.”

Michael Kingsbury co-founder at ULUU said the backing from influential voices such as Karlie Kloss and Kevin Parker will be instrumental in helping the company get a foothold in key industries such as fashion and beauty among others, and bring ULUU’s story to the world through music, the arts and cultural moments.

“In order to make a real change in this world, we need powerful voices for good. We are humbled to have their support and look forward to combining our expertise and public reach to make a difference in addressing this planetary problem. Together, we’re helping bring the world into a post-plastic era,” he said.

ULUU will use the capital infusion to progress product development and engineering R&D to unlock new ways to scale the production process of its safe, natural polymer.

Phil Morle, Partner at Main Sequence said the plastic problem is one of the biggest crises we face as humanity and one we must tackle now.

He said, “ULUU’s natural polymers have the potential to permanently replace many of the plastics we use today in clothing, packaging, accessories and more. Julia and Michael are incredibly ambitious and perfectly positioned to make this happen quickly.”

The ULUU team are currently based at the Indian Ocean Marine Research Centre in Western Australia.