Earth Brands Adds $4M in Equity Funding and Secures Deals with Madison Square Garden and Formula 1 in Q4
- Written by Newsfile
New York, New York--(Newsfile Corp. - November 2, 2023) - Earth Brands[1], the eco-conscious startup dedicated to combating the use of single-use plastic products, announced today that it has successfully closed a $4M Series A round, bringing its total funding to date to over $6M. The NYC-based startup, founded in 2021 by Misha Medvedev and Peter Frelinghuysen, both recognized in this year's Forbes 30 Under 30's Social Impact Category[2], is best known for its innovative and popular Earth Cups[3], sustainable alternatives to traditional single-use plastic cups.
Earth Brands Founders, Peter Frelinghuysen and Misha Medvedev
To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/9402/185739_489e8457d4c00b3a_001full.jpg[4]
The round, which was led by two angel investors, saw participation from East Dune Holdings, Wyc Grousbeck, Fort Lawton Capital, among others. As part of the deal, Earth Brands has allocated up to an additional $1M in funding to be secured within 90 days post-closing, highlighting their commitment to future growth. The company's Seed Round, which they completed in early 2022, was led by Mark Cuban[5] and Wyc Grousbeck. According to the co-founders, the new injection of capital will be channeled into the development of new home compostable products, the expansion of their domestic manufacturing capacity, and the growth of their team. The boost will enable Earth Brands to "accelerate its mission of making sustainability cool and universal for next-generation consumers," co-founder Misha Medvedev said.
Earth Brands' Earth Cups
To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/9402/185739_489e8457d4c00b3a_002full.jpg[6]
Across social media, @earthcups[7] boasts over 20 million impressions, and they've built an engaged brand ambassador program that has roughly 5,000 student members. Last June, their "Summer Kickoff" event in downtown Manhattan saw over 9,000 RSVPs and had lines around the block. But despite the strong collegiate engagement and the company's youthful vibe, their primary focus remains on the B2B market.
Earth Brands recently added Madison Square Garden to their list of customers, securing a multiyear contract with "The World’s Most Famous Arena." The partnership will involve a marketing collaboration between the two parties that will highlight the positive impact of using Earth Brands' sustainable products across the venue. Over the next three NBA and NHL seasons, more than 10 million Earth Cups and other products will be used throughout The Garden, demonstrating the venue's growing commitment to sustainability.
Looking ahead, Earth Brands is set to supply 250,000 co-branded Earth Cups for the inaugural FORMULA 1 HEINEKEN SILVER LAS VEGAS GRAND PRIX this month, expanding its fast-growing footprint in the sports and entertainment industries.
Lines around the block at Earth Brands' Summer Kickoff event in downtown Manhattan in June, which saw nearly 10,000 RSVPs
To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/9402/185739_489e8457d4c00b3a_003full.jpg[8]
To date, the company has sold over 50M Earth Cups, but according to co-founder Peter Frelinghuysen, "There are over 38B single-use plastic cups used in the US each year - and if you add paper and styrofoam to that, it's around 120B… so yeah, we have a long way to go, and we're excited."
Earth Brands' latest funding round, along with some new partnerships and deals, are strong indications that the startup has doubled-down on its commitment to providing sustainable alternatives to traditional single-use plastics. And in this funding environment, their Series A represents a significant step toward achieving that mission.
Contact Information
Name: Peter Frelinghuysen and Misha MedvedevCompany: Earth Brands Inc.Address: New York, NYWebsite: www.earthbrands.earthEmail: hello@earthbrands.earth[9][10]
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/185739[11]
References
- ^ Earth Brands (api.newsfilecorp.com)
- ^ Forbes 30 Under 30's Social Impact Category (api.newsfilecorp.com)
- ^ Earth Cups (api.newsfilecorp.com)
- ^ https://images.newsfilecorp.com/files/9402/185739_489e8457d4c00b3a_001full.jpg (images.newsfilecorp.com)
- ^ Mark Cuban (api.newsfilecorp.com)
- ^ https://images.newsfilecorp.com/files/9402/185739_489e8457d4c00b3a_002full.jpg (images.newsfilecorp.com)
- ^ @earthcups (api.newsfilecorp.com)
- ^ https://images.newsfilecorp.com/files/9402/185739_489e8457d4c00b3a_003full.jpg (images.newsfilecorp.com)
- ^ www.earthbrands.earth (api.newsfilecorp.com)
- ^ hello@earthbrands.earth (www.newsfilecorp.com)
- ^ https://www.newsfilecorp.com/release/185739 (api.newsfilecorp.com)