New Award-winning Plant Technology for Footwear

algae

On May 5, 2021, The Angel Capital Associaton (ACA) organised an online and in-person event at ‘ACA 2021 – The Summit of Angel Investing’ to celebrate two ACA member-funded companies making a mark in their fields.

The prestigious Luis Villalobos Award acknowledges the most creative and innovative ideas recently funded by the members of the ACA. One of the recipients of this coveted award was Algenesis, a material science technology company in the Technology, Services and Consumer field.

Algenesis is a material science and technology company that aims to protect the planet by eliminating plastic pollution and fossil fuel usage. Their scientists have reconstructed plastic materials and created the world’s first high performance, renewable, fully biodegradable polyurethanes made from plants, named Soleic technology.

First developed at the University of California San Diego, the new plant technology will initially be leveraged in a consumer-based offering. Due to the large-scale environmental impact of the global shoe market, with 25 billion shoes produced annually, the founders of Algenesis have decided to select footwear as their first use of the material. The company now has a patent for Soleic technology and a manufacture-ready design that can be implemented in a standard manufacturing process to produce flip-flops and shoe soles.

With goals of reaching upwards of $100 million in revenue by 2026, Algenesis has partnered up with a leading retail brand to sell co-branded flip-flops as well as their own slip-on shoes.

“As an angel investor, we always want to find that rare gem that is a great business and solves an important global issue – plastic pollution in the ocean,” said Dan Rosen of Alliance of Angels. “Algenesis’ new technology comes from algae and can replace high-performance polyurethane but biodegrades to basic compounds in a short time. We funded this deal in less than a month with a syndicate of the Alliance of Angels, SWAN Ventures, and Oregon Sports Angels.”