In joint participation with sustainable investment firm Quadia, Firmenich has announced its contribution to Loop’s Series A equity round.
Previously: Firmenich, Jasmine Concrete & BVLGARI Collaborate on 'Flower Gems of India' Initiative
Loop is a green retail and e-commerce distribution service based on reusable packaging .It has been supported by some of the largest consumer brands, with early partners including Procter & Gamble, Unilever and Nestlé.
The service allows brands to redesign the packaging of their most consumed products in line with a circular e-commerce model that maintains the two main benefits of disposability: convenience and affordability. It modernizes the traditional “milkman model” in an efficient and durable way by tackling the issue of single-use plastic waste.
By managing the collection, storage, cleaning and delivery of clean packaging to manufacturers, Loop is the first-of-its-kind global packaging and shopping circular solution. The funds raised in this equity round will finance the initial deployment of Loop before expanding global operations in the United Kingdom, Japan, Germany and Canada in 2020, and Australia in 2021.
Firmenich’s participation demonstrates its commitment to the circular economy, to minimize its environmental impact effort and to address sustainability in a single-use era. Being one of two companies, out of more than 7,000, to have achieved “triple As” with CDP, in climate, water and forestry.
Related: Beauty and F&F Companies Make This Year's CDP A List
Committed to a net zero carbon future by 2050, Firmenich currently operates with 100% renewable electricity in North America, Latin America, Europe, Africa and the Middle East, China and India, well on its way to achieving 100% worldwide in 2020.
Recognized as an industry leader in sustainability, Firmenich was recently awarded the IMD-Pictet Sustainability in Family Business Award 2019 as well as the “Most Sustainable Company in the Flavours and Fragrance Industry” award by World Finance magazine.
As a UN LEAD Company, Firmenich embeds the United Nations Sustainable Development Goals in its growth strategy, innovating to help solve some of the world’s greatest challenges, from inequality and climate change to nutrition and sanitation.
Related: Firmenich Signs UN Global Compact Action Platform
“As a global environmental leader with a unique legacy in responsible business, we are firmly committed to eliminating non-recycled plastics in our operations and supply chains,” Firmenich CEO Gilbert Ghostine said. “Our participation in Loop’s pioneering model to remove waste marks a new milestone in our journey to foster sustainable production and our active support for the circular and regenerative economy.”
“Single-use waste is a growing environmental issue that no company can ignore. We need innovative businesses like Loop and collaboration between multiple stakeholders to tackle such a global challenge,” said Bérangère Magarinos-Ruchat, Ph.D., chief sustainability officer at Firmenich. “We are delighted to contribute to Loop’s growth and the acceleration of sustainable lifestyles.”