Lumi Secures Seed Round Funding to Revolutionize Disposable Packaging Industry with the LumiCup

Lightest Disposable & Endlessly Recyclable Aluminum Cup Offers Superior Alternative to Single-Use Plastic Cups

LOS ANGELES, Sept. 28, 2023 /PRNewswire/ -- Lumi, an innovative newcomer in the food and beverage packaging sector with a mission to combat the global surge in single-use plastics, announced today that it successfully closed its seed round of funding. Proceeds from its oversubscribed round will enable Lumi to fully launch production of the LumiCup, the lightest disposable and endlessly recyclable aluminum cup on the market. Initial investors include Innovent Group, LLC, Hydra Group, LLC and Responsibly Fund, LP.

With shipments to hospitality, entertainment and travel & leisure consumers beginning in early 2024, the LumiCup is poised to disrupt the beverage packaging landscape with a truly environmentally conscious product available in 9 oz., 12 oz. and 16 oz. cup sizes, serving a wide variety of cold beverages. Its cutting-edge design will make the LumiCup the most lightweight alternative to single-use plastic cups on the market, while also accommodating standard-size lids. Many of the world's largest hospitality enterprises like hotels, airlines, festivals and specialty beverage chains rely on single-use plastic cups for lightweight convenience, affordability, and stackability. Lumi is garnering significant attention for the LumiCup product line because it is the best alternative for customers seeking the same benefits while eliminating single-use plastic and gaining full curbside recyclability.

Lumi will also soon introduce the first infinitely recyclable 2oz. ramekin called the "LumiKin," designed to replace single-use plastic ramekins with a superior alternative to hold sauces, dressings and garnishes. All of these products allow consumers to be Conscious Without Compromise.

"We started Lumi in 2021 with a singular vision: to challenge the status quo in disposable beverage packaging and offer the world an eco-friendly, high-performance alternative to wasteful plastic cups," said Kevin Diamond, Co-Founder and Chief Executive Officer of Lumi. "Today's announcement is a testament to our persistence, years of meticulous design engineering, and the confidence of our investors. With 10 million tons of single-use plastic waste coming from the 500 billion plastic cups sold globally every year, there is a loud and urgent call for the change we're starting. As we gear up, we're delighted to introduce LumiCups to a world that's been waiting for genuine sustainability in food and beverage packaging."

Investor Responsibly Fund, LP expressed their confidence in Lumi's market potential. "We're excited to back this remarkable team, and the massive problem they are attacking with single-use containers we currently see in the market," said Zécca Lehn, General Partner, Responsibly Fund, LP. LumiCups have demonstrated true sustainability from both a materials and carbon footprint perspective. Aluminum recycling uses just 5% of the energy required for primary milling, and is infinitely recyclable – nearly 75% of all aluminum ever produced is still in use today.

Funds from Lumi's seed round will:

• Expand Marketing and Sales: Increasing brand visibility and scaling customer acquisition efforts.
• Build Inventory: Ramping output to fulfill large orders.
• Enhance Product Development: Developing additional beverage package options.

About Lumi and the LumiCup
Lumi is revolutionizing the disposable beverage packaging industry with its groundbreaking product, the LumiCup – the lightest disposable and endlessly recyclable aluminum cup on the market. Founded in 2021 with a vision to combat the global surge in single-use plastic, Lumi's innovative beverage solution offers a superior alternative to plastic cups. Rigorous R&D and design engineering led to a product that outperforms plastic and plastic-lined paper cups while delivering true materials and carbon footprint sustainability. With the planet enduring a staggering 10M tons of annual waste from single-use plastic cups, sophisticated and lustrous LumiCups are an easy and environmentally conscious choice in 9 oz., 12 oz. and 16 oz. sizes. Beginning in early 2024, LumiCups will be served at a variety of hospitality, travel and entertainment venues. Please visit www.lumicup.com for location details. Lumi and its LumiCups represent a first wave of genuine progress towards sustainable food and beverage packaging. Join the movement online at lumicup.com and @thelumicup on Instagram. For more information, please contact LumiCup at [email protected].

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SOURCE Lumi