Loop is a newly formed disruptive eCommerce and retail distribution service based on reusable packaging, which is supported by some of the largest global consumer brands such as Procter & Gamble, Unilever and Nestle, among others.
Gilbert Ghostine, CEO, Firmenich, said, "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. 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."
This joint participation with the sustainable investment firm Quadia is aligned with Firmenich's values and strong commitments to minimize its environmental impact. Firmenich claims that today, it is one of only two companies worldwide to have achieved triple CDP As in climate, water and forestry.
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.
Dr Berangere Magarinos-Ruchat, chief sustainability officer, Firmenich, said, "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. We are delighted to contribute to Loop's growth and the acceleration of sustainable lifestyles."
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.
In a nutshell: Loop
Loop allows brands to redesign the packaging of their most consumed products in line with a circular eCommerce model that maintains the two main benefits of disposability: convenience and affordability.
It modernises 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 UK, Japan, Germany and Canada in 2020, and Australia in 2021.