HALLANDALE BEACH, Fla., Oct. 17, 2024 /PRNewswire/ — Solubag USA, Inc. (“Solubag”) today announced new funding led by Exit Ventures, a premier venture capital firm based in Utah, to accelerate the company’s global expansion and drive substantial revenue growth.
Solubag has patented its revolutionary, proprietary formula to produce film bags (such as grocery or shipping-envelope bags), non-woven fabric bags, pet waste bags, bubble-wrap, laundry sheets, and firmware (such as utensils, straws, plates, cups, etc.) When Solubag’s products are discarded, they require no recycling or separation from other forms of waste, as they dissolve completely and harmlessly in water or soil in a few weeks to a few months.
Paul Burgon, Managing Partner at Exit Ventures, stated, “We are excited to make a strategic investment in Solubag, a company that is reshaping the future of sustainable materials. Solubag’s unique technology positions it as a leader in the cleantech space, and we look forward to playing a pivotal role in its growth.”
Mike Latham, President and CEO of Solubag, remarked, “The investment by Exit Ventures presents an extraordinary opportunity to expand our reach and accelerate our impact in the marketplace. Their experience in scaling high-growth companies will enable us to achieve our mission of replacing single-use plastics with environmentally responsible products.”
Cristian Olivares, Co-Founder of Solubag, added, “Exit Ventures brings valuable expertise in both cleantech and sustainability, positioning Solubag for profitable growth as we continue to innovate and expand globally.”
About Solubag
Solubag is a leader in the development of environmentally sustainable alternatives to single-use plastics. Founded in Santiago, Chile, the company developed and patented a proprietary raw material that replaces traditional plastic in single-use products such as shopping bags, dog waste bags, t-shirt bags, bubble-wrap, etc. Solubag’s products dissolve in soil or water, are plastic-free, non-toxic, and eco-friendly, offering a viable solution to the global plastic waste problem. For more information, visit www.solubagusa.com or our consumer platform www.solubagstore.com.
About Exit Ventures
Exit Ventures is a leading venture capital firm, investing in early-stage climate tech companies with a focus on transformative, high-impact technologies in massive markets. The firm works closely with global corporate partners in all stages of due diligence, investment, commercial partnership and exits to accelerate the pace of innovation and commercialization of critical climate technologies. www.exitventures.net.
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SOURCE Solubag USA, Inc.
