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Fieldfisher's venture capital and growth equity team has advised Again, a growing London cleantech packaging business, on a £2.55 million venture capital investment from UK fund Eka Ventures and Maersk Growth – the venture arm of Danish shipping company AP Moller-Maersk.
Using its proprietary CleanCell® technology, Again uses 76% less water and 90% less energy compared to a traditional recycling method to clean reusable packaging and prepare it for refill and re-use.
The company hopes its more sustainable, circular economy-based approach will revolutionise the packaging industry and steer the fast moving consumer goods (FMCG) sector in particular away from single-use products that contribute significantly to landfill and cause environmental pollution.
The money raised from the pre-seed funding round will enable Again to launch a pilot programme with Budweiser Brewing Group (via its UK portfolio company Camden Town Brewery), spirits maker Diageo (via its Johnnie Walker Black and Smirnoff brands) and Biffa Waste Management Service.
Founded by packaging design expert Matt Kennedy, who previously held positions with Unilever and Pentland Brands, Again is hoping to scale up rapidly. By 2025, Again aims to make it cheaper for brands to reuse packaging in place of new one-off containers.
The Fieldfisher team advising Again on its VC investment was led by associate Andy Oliver under the supervision of corporate partner Tom Ward.
Commenting on the deal, Fieldfisher corporate partner Tom Ward said:
"We are pleased to have supported Again on its journey towards making the packaging industry more sustainable.
"In the past year we have seen a noticeable uptick in venture financing for cleantech and sustainability-focused businesses, which represents a growing portion of our VC client and deal portfolio.
"Congratulations to Again and Matt on securing this funding."
Matt Kennedy, CEO and Founder of Again, said:
"I'm thrilled to be supported by Fieldfisher. Andy & Tom's responsiveness, professionalism and clarity gives me the confidence to focus on taking our next steps to scale and advancing our mission to shift the packaging industry from disposable to reusable".