Marina Tran-Vu, Founder of EQUO
EQUO, a Vietnam-based startup that produces eco-friendly alternatives to consumer products, today announced that it has raised a US$1.3 million seed funding round led by NextGen Ventures with participation from Techstars, East Ventures, and professional golfer Michelle Wie-West.
Angel investors such as Luke Vigeant of Shed Capital; Jeff Hohner of Tecumseh Capital; Jack Tai, CEO & Co-Founder of OneClass; Mark Groves, Founder of Create The Love and Co-Founder of Mine’d; and Dimple Mukherjee also took part in the funding round.
EQUO said that it plans to use the funding to expand its product line, develop technical capabilities to quickly scale the business, and increase the brand’s awareness and exposure in the US, Canada, Vietnam and Singapore, while expanding to recently entered markets such as Europe, Japan and Australia.
Founded in 2020 by Marina Tran-Vu, the company aims to eliminate plastic waste by providing compostable alternatives for everyday goods such as utensils and straws. Its products are made of materials such as coffee, coconut and sugarcane to replace single-use plastics.
It aims to differentiate itself through “bright, exciting and distinct branding that captures the consumer’s attention in traditionally overlooked categories; and focuses on the education of new sustainable materials.”
Starting out with its line of drinking straws, it has expanded to include utensils and tote bags. Its upcoming product lines will include utensils made of coffee and wood, sugarcane food containers and cups, and compostable bags for grocery, retail and home use.
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“Our vision is to replace all single-use plastic on the planet – plastic was never intended to be used for anything and everything, and using it for an average of 20 minutes or less, but taking hundreds of years to decompose – it just doesn’t make any sense. This isn’t just about the visible plastic we see in our environment, but also about the downstream effects of microplastics – which are now being found in unborn foetuses, in human blood and deep in our lungs,” said Tran-Vu.
“We are excited about the new products we are going to be delivering this year to show the world all the things we can do WITHOUT single-use plastic and (in some cases) paper.”
EQUO was named one of nine winners of the UNOPS (United Nations Office for Project Services) S3i Innovation Center Sweden Global Challenge for startups and a Top 18 Finalist in the EPPIC (Ending Plastic Pollution Innovation Challenge) by the UNDP (United Nations Development Programme).
Its products are available on Amazon in the US, Canada and Australia; on their website; wholesaler site Faire; and select F&B establishments and retailers in Vietnam, Singapore and Europe.
Prior to founding EQUO, Tran-Vu has more than 13 years of brand management experience at global FMCG companies including Unilever, Bacardi, LG Electronics and Spin Master.
The startup has also appeared in various reality TV shows such as Shark Tank Vietnam and Front Office by PlayersTV. It was the first Vietnamese startup admitted into Techstars.
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Image Credit: EQUO
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