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Notpla
Read time: 3 mins Added date: 15/04/2024
Read how fast-growth startup Notpla were able to accelerate their sustainable packaging mission.
Restoring planetary health
London-based revolutionary packaging business Notpla, short for ‘not plastic’, was created with a mission to make packaging disappear.
With a goal of protecting the planet, Notpla pride themselves on being 100% natural. They have passed rigorous tests to prove their non-plastic composition, with the use of seaweed in their packaging. Seaweed forests are biodiverse and can even filter out pollution from human activities. Chief Revenue Officer, Lise Honsinger, emphasises the benefits of seaweed, describing its environmental superiority over more common land-based crops that are used to create packaging materials. She highlights that the more they grow of it, the better the effect.
Following international popularity of their edible drink packaging for events, such as the London Marathon, the company realised their unique selling point was creating natural, non-plastic alternatives for single-use packaging. The team landed collaborations with some large brands, including Just Eat, which enabled their product portfolio to expand at rapid speed. Notpla were able to branch out beyond liquid packaging, including the launch of their now commercially available range of seaweed-coated takeaway boxes. They are now working on other packaging materials to further increase their positive environmental impact.
Supporting the startup journey
Given the business' novel category, finding a reliable banking provider wasn't an easy task. Upon finding Lloyds Bank, Notpla started trading and took advantage of 12 months free banking. This alleviated financial pressures and enabled Notpla to focus on growth without the added cost of banking fees.
“There is a sense of security and legitimacy associated with having a banking relationship with a well-known institution, for both our investors and clients,” says Lise. “The reliability of traditional banking methods has been valuable, especially when we’ve needed to transact with international suppliers.”
Danny Burton, Relationship Manager at Lloyds Bank, acknowledges the challenges that can arise with purely digital banking services. “Having a human point of contact for troubleshooting and support is important,” he says.
Lise agrees, adding: “Danny has been a great help in navigating the bank’s financial tools and sharing solutions for optimising our cash flow.”
“Our goal is to turn seven years of research and development into real revenue – and that’s how Lloyds Bank can support us going forward. They are introducing us to financial products, particularly in managing our working capital to fuel our growth plans.”
Lise Honsinger – Chief Revenue Officer, Notpla
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Meeting working capital demands
Despite the challenges posed by the dominance of plastic and the complexity of sustainable materials, Notpla has come a long way since their beginnings. They remain committed to their mission of revolutionising packaging and reducing environmental impact.
The business is looking ahead at expanding their product portfolio beyond packaging, with plans to tackle disappearing utensils and coffee cups.
In line with these ambitions, Notpla recently achieved a partnership with a major client that will lead to their products being featured in 52 stadiums across the UK.
Lise adds: “Last year we replaced 4.4 million single-use plastic items, and we're targeting three times revenue growth this year. Our goal is to turn seven years of research and development into real revenue – and that’s how Lloyds Bank can support us going forward. They are introducing us to financial products, particularly in managing our working capital to fuel our growth plans.”
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