Sky’s impact investment fund, Sky Ocean Ventures, has committed $2 million towards zero-waste shopping service, Loop.
Loop is an innovative new way to shop that is designed to transform the world’s reliance on single-use plastic by closing the loop on waste and creating a circular economy.
Set to launch in the UK with Tesco in 2020, customers have household products delivered in reusable containers that are then collected, cleaned, refilled, and reused or recycled.
Jeremy Darroch, Group Chief Executive at Sky, said: “Loop fundamentally changes the way we approach packaging and waste. The transition to a circular economy will take time, but big ideas like this can and will help change the world our children will inherit.”
“This complete system redesign requires being able to win the trust and buy-in of major brands and retailers and with parent company TerraCycle’s experience in the recycling industry, Loop is uniquely placed to make it work.”
Tom Szaky, CEO of TerraCycle and Loop, said: “When we set out to raise investment capital for Loop, we had no expectation of finding a fund associated with a major media company that shares our dedications to eliminating plastic waste.”
“Sky’s industry knowledge and daily access to a vast company network will help bring attention to Loop and the opportunities to shift to durable products and packaging.”