Oslo-based Looping, a company that replaces single-use plastic solutions with reusable transport packaging and delivers reuse as a service, secures NOK 23M (approximately €1.76M) in fresh funding.
The impact investor, Norselab, contributed NOK 8M in the round. The remainder of the funds come from MP Pensjon, Marius Maske AS, as well as existing investors.
Norselab CIO, Yngve Tvedt says, “Looping is in an excellent position for expansion into international markets. We also believe they can expand to new industries that depend on single-use plastics, which makes Looping a very attractive investment, both in terms of commercial potential and impact.”
With this deal, Fredrik Wahl, with a background at Norway’s largest bank DNB, becomes the new chair of Looping’s board to support the company’s growth in the wake of a new ownership structure.
Wahl says, “I’m pleased to assume this responsibility in this exciting phase of the company. We are all very pleased to have Norselab join with their solid track record and expertise within impact investments, and we are very much looking forward to collaborating on the work with realising the company’s ambitious growth plan.”
Capital utilisation
The funds will support Looping’s expansion into new markets. The company has already established its presence in Norway, Sweden, Finland, Denmark, and the Baltics.
The company is set to introduce its product, Modulcover, to the German and Benelux markets.
According to Looping, its key customers in Scandinavia, including Ramirent, CRAMO, and Algeco, play a crucial role in its expansion plans, forming valuable partnerships for the upcoming venture.
Looping CEO, Jens Brustad says, “Expanding to Europe with our customers, we’re lucky to have Norselab as an owner with considerable insight into circularity, business expertise, and with international recognition. This will bring added value to the company beyond the fresh capital.”
Eliminating single-use plastic
Looping, founded in 2017 by Jens Brustad, originated from a moment when he passed a construction site and noticed contractor modules covered in excessive disposable plastic. Recognising the poor protection and significant waste issue, Brustad sought to address the challenge.
He approached companies for a pilot project to create more sustainable and cost-effective packaging for modules, and Ramirent Norway became the first participant. Since then, Looping has established a new standard for packaging modules in Scandinavia.
The company’s “reuse as a service” solution reduces waste and mounting time, eliminating over 100 tons of single-use plastic.
