Biotech startup Uluu raised AU$16 mn in Series A funding

Perth-based biotech startup Uluu has raised AU$16 million (about US$10 million) in Series A funding, led by Burda Principal Investments. The round also saw participation from Main Sequence, Novel Investments, Startmate, and a consortium of impact investors including Fairground, Norfolk Green Ventures and Trinity Ventures.

Founded in 2021 by Dr Julia Reisser and Michael Kingsbury, the company is transforming farmed seaweed into sustainable, marine-biodegradable alternatives to conventional petroleum-based plastics, aiming to end global plastic pollution and lower climate impact.

Uluu’s proprietary process combines seaweed with fermentation to produce natural polymers known as PHAs (polyhydroxyalkanoates), which mimic the properties of traditional plastics but are derived from renewable marine resources rather than fossil fuels.

These seaweed-based bioplastics are strong, lightweight, waterproof, non-toxic, reusable, recyclable, home compostable, and break down naturally in oceans without releasing microplastics.

Unlike standard plant-based plastics derived from corn or sugarcane, Uluu’s materials avoid agricultural land-use and fertiliser impacts, leveraging fast-growing, ocean-sourced biomass.

At scale, Uluu production can sequester and avoid up to 5 kg of CO₂ equivalent for every 1 kg of material produced—reversing plastic’s traditional climate footprint.

The company uses red seaweed, Gracilaria, for its products, sourced from farmers in Indonesia, the world’s second-largest seaweed producer after China. Their seaweed supply chains remove pollutants from the ocean and help restore blue carbon ecosystems.

The biotech startup Uluu collaborates with global brands across fashion, cosmetics, and automotive, providing sustainable, eco-friendly alternatives to traditional plastic.

Furthermore, it plans to use this funding to scale from a 100 kg/year pilot facility to a 10-tonne/year demonstration plant in Western Australia.

Among seaweed’s various applications, the marine plant has emerged as a reliable alternative to combat plastic pollution and climate change while delivering high-performance materials for everyday products.

Globally, Uluu competes with a slew of biotech startups developing seaweed-based sustainable packaging.

With this additional investment, the company can emerge as a strong player in seaweed-based bioplastics, offering scalable solutions that support ocean health, reduce emissions, and meet functional material needs for industry and consumers.