At the same time, Sway announced it had secured further funding. Third Nature Investments led the successful $5 million seed round, which also includes investment from The Helm, Alante Capital, BAM Ventures, Superorganism, and others. Sway said the funds will directly support the scaling of its product portfolio, and catalyze adoption by fashion, food, and home goods brands such as J.Crew, Burton, and others associated with the Tom Ford Plastic Innovation Prize.
Sway won that award, powered by the accelerator program called Lonely Whale, in 2023. Tom Ford calls its prize, launched in 2020, “the only global competition focused on creating scalable and biologically degradable alternatives to traditional thin-film plastic polybags.”
The latest round of funding builds on the $2.5 million in pre-seed funds that the 4-year-old firm raised in 2021.
“Clean oceans, abundant biodiversity, and thriving coastal economies all intertwine with Sway’s success as we accelerate production in 2024,” says Julia Marsh, CEO & co-founder of Sway. “We believe everyday materials should help to replenish the planet from sea to soil. The launch of our thermoplastic seaweed materials, along with an influx of new capital targeted at scaling production, signifies tangible progress toward a more circular future.”
Doug Forster, chief sourcing officer at apparel company J.Crew, said: “Regenerative practices and sustainable packaging are active focus areas for J.Crew Group. We’re thrilled to see Sway’s steady progression toward market-scale production that will empower brands like ours to transition into next-generation materials."