Alibaba invests US$6 Million in Hong Kong packaging startup
Ecoinno (H.K.) Limited. Ecoinno, a Hong Kong-based green material company focused on providing alternatives to single-use plastics, announced the closing of a US$6 million Series A1 funding from the Alibaba Hong Kong Entrepreneurs Fund and Alibaba Taiwan Entrepreneurs Fund II.
Ecoinno will utilise these funds to begin industrial-scale production of its proprietary Green Composite Material (GCM) and to strengthen its material research and engineering platform to help meet pressing consumer packaging needs, driven by tightening regulatory requirements globally, as well as increasing consumer green awareness.
Ecoinno has developed a patented Green Composite Material (GCM) and related processes, based 100% purely on natural plant fibres – the most abundant, renewable, and naturally occurring polymer on earth.
By repositioning nature's plant fibres, GCM harnesses the remarkable natural attributes of plant fibres. Notably it is 100% biodegradable in the natural environment within 75 days and has extreme temperature tolerance (allowing freezing and oven reheating).
GCM is also three times stronger than plastic and bioplastic in tensile strength. It is impermeable to oxygen, with an extremely low transmission rate, on par with even metal. The material is water and oil-resistance, and most importantly, has passed FDA tests to be toxic free.
"This new funding puts us solidly on the first step towards realising our vision of creating a sustainable, circular economy by delivering GCM products to our environmentally- focused clients," said George Chen Dah Ren, co-founder and CEO of Ecoinno. "We are thrilled to have both Alibaba Entrepreneurs Funds coming on board in our first institutional round, to help take the company forward. We are also very grateful to our long-standing benefactors, especially the HKSTP and the ITC."
With its breakthrough GCM technology, Ecoinno aims to provide the global consumer and industry with an attractive and viable 'Third Option' that is a break-out from the traditional choice between petroleum-derived plastic and bio-plastic (consisting of mostly non-naturally occurring polymers) in a significant step towards creating a sustainable, circular economy.
Ecoinno is co-founded by Chen and COO Vivian Chang, incubated within the Hong Kong Science and Technology Park (HKSTP), and sustained with significant grant funding from the Hong Kong Innovation and Technology Commission (ITC). Ecoinno was also awarded as one of the Top Five Winners, and the only finalist in the Smart City Cleantech segment, at the Alibaba JUMPSTARTER Global Pitch Competition 2020.