Cloud Paper’s first fundraise accelerates ambitions to end deforestation from paper products
SEATTLE–(BUSINESS WIRE)–Cloud Paper, the tree-free paper products company on a mission to end deforestation from paper products, announces today their $3-million Seed round with a lead investment from Greycroft and an impressive roster of notable investors. Cloud Paper’s first funding round positions the brand as an industry innovator and forest defender, in a period when wildfires are devastating forests across the West Coast.
Cloud Paper was co-founded by ex-Uber and Convoy executives, Ryan Fritsch and Austin Watkins, in 2019 after realizing that Americans flush the equivalent of a Central Park-worth of trees down the toilet every day. Cloud Paper brings customers a more sustainable alternative with its first product, ultra-soft bamboo-based toilet paper, delivered to your door for the same price as traditional brands. Cloud Paper’s new tree-free, 3-ply toilet paper arrives via home subscription with zero-plastic packaging and carbon-neutral deliveries.
The timely fundraise, amid growing climate concerns, will accelerate Cloud Paper’s expansion into more tree-free product categories. In addition to Greycroft, investments come from Ashton Kutcher, Guy Oseary, Marc Benioff, Mark Cuban, Gwyneth Paltrow, Robert Downey Jr.’s FootPrint Coalition, Code.org CEO Hadi Partovi, Uber CEO Dara Khosrowshahi, NFL Quarterback Russell Wilson, Grammy Award-winning singer/songwriter Ciara, serial-entrepreneur Grant Ries, Muse Capital, Ashley and Marc Merrill and others.
“Every person can save 100+ trees in their lifetime by making a switch to tree-free products, like Cloud Paper. We’re on a mission to make that happen,” said Watkins. “Cloud Paper can help save a billion trees in the years ahead, and it’s incredibly validating to have investors and advocates join us in that mission.”
“We know that deforestation is a leading cause of climate change. We’re giving every person an opportunity to be a part of the solution by preserving forests every single day,” states Fritsch. “We are resetting the status quo by moving away from tree-based paper and using ultra-sustainable, renewable resources like bamboo instead.”
“Ryan and Austin are combining their tech backgrounds with their passion for impacting lasting change to bring consumers and businesses category-changing, eco-friendly products,” said Dana Settle, co-founder of Greycroft. “We see tremendous opportunity for Cloud Paper to capture and expand market share by addressing the unmet demand for sustainable alternatives to everyday household and office products.”
Cloud Paper products and more information on the company can be found at cloudpaper.co.
ABOUT CLOUD PAPER
Cloud Paper was founded in 2019 by Austin Watkins and Ryan Fritsch, who then joined forces with another ex-Convoy colleague, Tori Kiss. Together, they launched Cloud Paper’s first product — tree-free toilet paper made with ultra-soft bamboo. Cloud Paper is now used by thousands of households and businesses nationwide. Cloud Paper is on a mission to end deforestation caused by paper products made from trees. Billions of trees are cut down every year for paper products alone, contributing to over 20% of global deforestation. Cloud Paper products and more information can be found at cloudpaper.co.
Greycroft is a leading venture capital firm focused on investments in the Internet and mobile markets. With offices in the two media capitals of the world – New York and Los Angeles – Greycroft is uniquely positioned to serve entrepreneurs who have chosen us as their partners. Greycroft leverages an extensive network of media and technology industry connections to help entrepreneurs gain visibility, build strategic relationships, bring their products to market and build successful businesses. Greycroft manages $1.3 billion and has made over 150 investments since inception in leading companies including Acorns, App Annie, Boxed, Braintree, Buddy Media, Everything But The House, Extreme Reach, Huffington Post, Icertis, JW Player, Maker Studios, Plated, Scopely, Shipt, TheRealReal, Thrive Market, Trunk Club, Venmo, WideOrbit and Yeahka. For more information please visit www.greycroft.com.
Hasmik Piliposyan / Katie Rubino
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