Ecoinno (H.K.) Ltd, 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.
The company will utilise the fund infusion 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.
“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”.
“We were won over by the vision and passion of George, Vivian and their team, to tackle single-use plastics pollution – one of the most pressing environmental challenges globally today. We believe that the functional and commercial attributes of Ecoinno’s GCM™ products represents a paradigm shift in the Movement to Rethink Plastics,” said Edward Liu, Partner of WI Harper Group, manager of Alibaba Taiwan Entrepreneurs Fund II. “We are proud and excited to be Ecoinno’s partners at this early stage of development.”
Ecoinno is co-founded by CEO George Chen Dah Ren and COO Vivian Chang, incubated within the Hong Kong Science and Technology Park, and sustained with significant grant funding from the Hong Kong Innovation and Technology Commission. The company focuses on developing multiple categories of consumer packaging products with its proprietary Green Composite Material, derived from natural plant fibre, an abundant naturally occurring biopolymer, using Ecoinno’s advanced processing technology.
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