Uluu Raises $16m Series A, Hits $100m Valuation For Seaweed-Based Plastic Alternative

Uluu’s latest raise will fund the construction of a ten-tonne-per-year demonstration facility in Western Australia, a significant step up from its current 100-kilogram pilot plant. The company’s next-generation materials are designed to replace conventional plastics.

The $16 million round was led by German growth investor Burda Principal Investments, with support from Main Sequence, Novel Investments — the family office of one of the world’s largest textile groups — Startmate, and a consortium of family and impact investors, including Fairground and Trinity Ventures.

Founded in 2020 by co-CEOs Michael Kingsbury and Dr Julia Reisser, Uluu has developed a process that converts seaweed into polymers that perform like plastic but are fully compostable, marine biodegradable, and non-toxic. The materials can be processed using existing plastic manufacturing equipment, making adoption straightforward for global producers.

From pilot plant to production scale

Kingsbury said the demonstration plant would prove Uluu’s ability to scale sustainably and deliver meaningful commercial volumes.

“After four years’ work developing this technology, including two years running our pilot plant, we’re excited to take this next step and start delivering meaningful volumes of our materials to customers,” he said. “The demonstration plant is a critical step in showing Uluu can scale to truly compete with and replace fossil plastics.”

At full capacity, Uluu’s production process has the potential to sequester and avoid around five kilograms of CO₂ equivalent for every kilogram of material produced — compared with about three kilograms emitted in the production of fossil plastics today.

Backing from global investors

The Series A round brings together international and local investors with deep experience in technology commercialisation and sustainable manufacturing. Burda Principal Investments, which has previously backed companies including Vinted and Skillshare, led the round alongside Main Sequence, the CSIRO-founded venture fund known for its climate and deep-tech portfolio.

The participation of textile and consumer-goods investors signals growing confidence in bioplastics as a viable replacement for petroleum-based materials.

Toward a climate-positive plastics future

Reisser said seaweed offered an abundant, regenerative alternative to fossil fuels.

“Seaweed grows quickly and gets everything it needs from the sun and the sea,” she said. “It locks away CO₂ and helps clean up pollutants from the ocean. By harnessing seaweed, Uluu is producing materials that have a positive, rather than negative, impact on the environment, while ending plastic pollution.”

Uluu is already collaborating with partners across cosmetics, fashion, and automotive sectors, including campaigns with Quiksilver, Papinelle, and Audi.