EQUO Raises $1.3M USD for Eco-Friendly Options

Asian & Female Founded Sustainability Company Combats Single-use Plastics, Michelle Wie West as Global Ambassador

HO CHI MINH, Vietnam, April 19, 2022 /PRNewswire/ -

SEED ROUND RAISE

Vietnam-based sustainability company, EQUO, has raised $1.3 million USD in seed funding. Leading the seed round is NextGen Ventures with participation from Techstars and East Ventures. 

Prominent angel investors Luke Vigeant of Shed Capital; Jeff Hohner of Tecumseh Capital; Jack Tai, CEO & Co-Founder of OneClass; Mark Groves, Founder of Create The Love and Co-Founder of Mine'd; and Dimple Mukherjee also invested in the round. EQUO was advised by the legal team of Drew & Napier in Singapore and Allens in Vietnam.

Founded in 2020 by Marina Tran-Vu, EQUO provides 100% plastic-free and compostable solutions made of materials like coffee, coconut and sugarcane to replace single-use plastics. The company aims to disrupt the industry by offering solutions that are easy, convenient to use, without asking consumers to change their lifestyle or behavior. EQUO differentiates itself through distinct branding that captures the consumer's attention in traditionally overlooked categories; and focusing on education of new sustainable materials.

EQUO, which recently was named one of nine winners of the UNOPS S3i Innovation Center Sweden Global Challenge and a Top 18 Finalist in the Ending Plastic Pollution Innovation Challenge by the UNDP, is currently available on Amazon in US, Canada and Australia; on their website; wholesaler site Faire; and select F&B establishments and retailers in Vietnam, Singapore and Europe.

EQUO intends to use the funds to further expand its product line, develop technical capabilities to quickly scale the business, and increase the brand's awareness and exposure globally. 

"The best way for us to make an impact is not to recycle or upcycle single-use plastic, but to stop its production altogether. EQUO will help do that by offering products made from alternative materials - but doing it in a fun and approachable way that gets consumers, businesses and big corporations to pay attention," said Marina Tran-Vu, Founder & CEO of EQUO.

Jimmy Quach, CEO of NextGen Ventures, noted: "EQUO is a purpose-driven company with a clear mission to rid the world of single-use plastic and to give consumers options that better protect the environment. NextGen is pleased to support Marina and her team in their trailblazing effort to drive her sustainability mission with reach and scale." 

"EQUO's mission aligns with East Ventures' core belief in providing solutions that bring us closer to a sustainable future. Countless single-use plastics are used in our daily lives, which means there's a big market and potential that lies ahead for EQUO to solve and improve upon today's current products. We have a strong belief in EQUO, and are looking forward to seeing the further positive impact that Marina and team will have on the world." says Willson Cuaca, Co-Founder and Managing Partner of East Ventures. 

"The vision driving EQUO is exactly what the world needs at this time, and what attracted us was the incredible drive and ambition of the founder. Marina has the rarest combination of CPG brand experience, alongside global marketing savvy that is seldom seen in the sustainability space," says Sunil Sharma, Managing Director of Techstars Toronto.

As a sole female founder, Tran-Vu is part of a small percentage of startups founded solely by women who received venture capital or private funding. Latest statistics show that startups founded only by women in SE Asia received a mere 0.6%, and globally, less than 2% of total investment backing.

NEW GLOBAL BRAND AMBASSADOR, MICHELLE WIE WEST

In addition, the brand is announcing their global partnership with professional golfer and businesswoman, Michelle Wie West, whom Tran-Vu met and secured a deal with on the television show Front Office, by the first ever athlete owned media network, Players TV.

"I was so happy to meet Marina and experience first-hand her passion and unique vision for making sustainable solutions easy, convenient and exciting!  As a fellow Asian woman, I am thrilled to be on this journey with her and the EQUO team," said Michelle Wie West. "I am a mother of a 21-month-old baby girl, and I can't wait to go on adventures with my daughter, knowing I can bring EQUO straws and utensils with us that are safe for her, and the environment. I believe sustainability and wellness go hand in hand, and being an advocate for building a more green future for generations to come is a cause that is near and dear to my heart, so partnering with EQUO was a perfect fit."

"I am excited to work with an amazing athlete and exemplary business woman like Michelle Wie West, and am driven by our common goal of a more sustainable future. Michelle is a pioneer for women and the Asian community in professional sports, and with her as our partner, we can see EQUO becoming the sustainable brand of choice for golf clubs, resorts, sports stadiums and sporting events around the world," said Tran-Vu.

FUTURE PLANS FOR EQUO

"Our vision is to replace all single-use plastic on the planet. This isn't just about the visible plastic we see in our environment, but also about the downstream effects of microplastics," said Tran-Vu. "We are excited about the new products we are delivering this year to show the world all the things we can do WITHOUT single-use plastic and (in some cases) paper."

The company first launched into the market with drinking straws. EQUO has since added to its portfolio, announcing an upcoming line of utensils made of coffee and wood, sugarcane food containers and cups, reusable totes, and compostable bags for grocery, retail and home use.

A recent report by the Center for International Environmental Law indicated that the production and disposal of single-use plastics will cause the equivalent emissions of 295 coal plants by 2030.

About EQUO

EQUO is a sustainable brand providing 100% plastic-free, compostable solutions for everyday single-use plastics. Products offered include straws, utensils, bags and food containers made of natural materials such as sugarcane, coffee and coconut. For more about EQUO, please check out https://shopequo.com/.

SOURCE EQUO