Biodegradable water bottles and packaging made from seaweed are among the ten UK companies that have secured investment from Sky Ocean Ventures.
Sky Ocean Ventures is a £25 million impact investment fund launched in 2018 to accelerate young companies and entrepreneurs developing ideas that can combat plastic waste.
This latest step comes after Sky Ocean Ventures teamed up with Innovate UK – the Government’s innovation agency – for a £6 million funding commitment to battle plastic pollution.
These ten UK companies are the first to be funded under the commitment.
Jeremy Darroch, Group Chief Executive of Sky, said: “At Sky we recognise that we have a responsibility beyond our business. That’s why we’re supporting these ten innovators through Sky Ocean Ventures, the impact investment fund we setup as part of our commitment to help create a better and plastic-free future for our oceans.
“By investing in innovative new products and materials we will help turn off the plastics tap.”
The recipients of the funding all have a pioneering idea in either material innovation, circular economy or responsible consumption.
Business Secretary Andrea Leadsom said: “Trailblazing UK businesses are giving us all the choice to buy more sustainable clothing, packaging and cosmetics that are better for our environment.
“Consumers have shown they are keen for green and we’re committed to championing those innovative companies that lead the way in this, protecting the planet while at the same time opening up huge opportunities for the UK economy.”
The first investment was awarded to Naturbeads, a company working to manufacture a replacement to the ocean-polluting microbeads that, despite initial bans in “rinse-off” cosmetics, are found in many personal and home care products and paints.