Sky Invests $2M in Zero-Waste Shopping Service
Sky’s impact investment fund, Sky Ocean Ventures, has committed $2 million - its largest investment to date - in Loop, an innovative service that delivers products in reusable packaging.
Sky Ocean Ventures is part of Sky’s Bigger Picture initiative and is the solutions arm of the Sky Ocean Rescue campaign, which shines a spotlight on the issues that affect ocean health and inspires behavior change.
Loop is an innovative new way to shop that is designed to transform the world’s reliance on single-use plastic by closing the loop on waste and creating a circular economy. Set to launch in the UK with Tesco in 2020, customers have household products delivered in reusable containers that are then collected, cleaned, refilled and reused or recycled in a 21st Century Milkman service of hundreds of everyday items.
Jeremy Darroch, Group Chief Executive, Sky, said: “Loop fundamentally changes the way we approach packaging and waste. The transition to a circular economy will take time, but big ideas like this can and will help change the world our children will inherit. This complete system redesign requires being able to win the trust and buy-in of major brands and retailers and with parent company TerraCycle’s experience in the recycling industry, Loop is uniquely placed to make it work.“
Some of the world’s largest companies including P&G, Nestlé, The Body Shop and Unilever are signed up, with their products already available through Loop in the US and France. This means customers can have Häagen-Dazs ice cream delivered in a reusable steel container, alongside a bottle of Pantene shampoo made of durable aluminium.
Tom Szaky, Chief Executive Officer, TerraCycle and Loop, said: “When we set out to raise investment capital for Loop, we had no expectation of finding a fund associated with a major media company that shares our dedication to eliminating plastic waste. Sky’s industry knowledge and daily access to a vast customer network will help bring attention to Loop and the opportunities to shift to durable products and packaging.”
An initiative from U.S. recycling business TerraCycle, Loop will become Sky Ocean Ventures’ 17th investment as the £25 million fund continues to accelerate young companies who are addressing the plastics crisis. Launched in 2018, the media-powered investment fund was set-up as part of Sky’s commitment to help create a better and plastic-free future for our oceans, recognizing that business can help tackle the big issues in the world we live in.
Sky is transforming its own business and will have eliminated all single-use plastics from its business, products and operations by the end of 2020.