EQUO, a Vietnam-based sustainability company, has raised US$1.3 million in seed funding.
Leading the seed round is NextGen Ventures with participation from Techstars, East Ventures, and prominent angel investors such as Luke Vigeant, Jeff Hohner, Jack Tai, Mark Groves and Dimple Mukherjee.
EQUO was advised by the legal team of Drew & Napier in Singapore and Allens in Viet Nam.
EQUO intends to use the funds to further expand its product line, develop its technical capabilities to quickly scale the business and increase the brand’s awareness and exposure in the US, Canada, Viet Nam and Singapore, while expanding to recently entered markets like Europe, Japan and Australia.
Founded in 2020 by solo female founder Marina Tran-Vu, EQUO provides 100 per cent plastic-free and compostable solutions made of materials like coffee, coconut and sugarcane to replace single-use plastics.
The company aims to disrupt the category by offering solutions that are easy, and convenient to use, without asking consumers to change their lifestyles or behaviour.
“EQUO is a purpose-driven company with a clear mission to rid the world of single-use plastic and to give consumers options that better protect the environment. NextGen is pleased to support Marina and her team in their trailblazing effort to drive her sustainability mission with reach and scale,” said Jimmy Quach, CEO of NextGen Ventures.
In addition, the brand is announcing its global partnership with professional golfer and businesswoman, Michelle Wie-West, whom Tran-Vu met and secured a deal with on the television show Front Office, by the first-ever athlete owned media network, Players TV.
The company first launched into the market with a line of drinking straws made out of grass, rice, coconut, sugarcane and coffee. EQUO has since added to its portfolio a line of utensils made of sugarcane and tote bags made of canvas materials.
The company has announced its upcoming line of products including utensils made of coffee and wood, sugarcane food containers and cups, and compostable bags for grocery, retail and home use.
“Our vision is to replace all single-use plastic on the planet,” said Marina Tran-Vu. — VNS