Nestlé, Procter & Gamble and other investors have put $25 million behind Loop, a packaging reuse model that launched last year.
TerraCycle, which processes hard-to-recycle materials and also manages the Loop platform recently announced the funding achievement. The company says the money will fund Loop’s operations until the platform is profitable.
TerraCycle CEO Tom Szaky said that Loop is “making reuse a viable and accessible option” for brand owners, retailers and consumers. Under the Loop system, producers offer their consumable goods in durable packaging that is returned to the producer after use.
Besides Nestlé and Procter & Gamble, the recent slew of investors includes European waste management firm SUEZ, packaging firm Aptar, investment firms Quadia and Sky Ocean Ventures, and financial services provider ImpactAssets.
Since its launch in May 2019, Loop has attracted more than 100 brands, and its durable packaging is used in some 400 products, according to the announcement. Nestlé uses the reusable packaging in ice cream, water and pet care products. Procter & Gamble has used it in some of its major brands, including Pantene, the release stated.
Loop’s reusable packaging is currently available in the continental U.S, the U.K. and France, and by the end of next year, it is expected to expand into Canada, Japan and Australia and will be available in a total of 1,000 retail stores.