Mi Terro is the world's first advanced material company that creates ocean degradable and home compostable flexible packaging materials made from agricultural waste. We are not turning agricultural waste into beverage or snack like other companies. Instead, we are giving agricultural waste a new life by repurposing it to replace plastic and paper-based materials and giving additional incomes to farmers all around the world.
Current Status
Our technology has already been made into textile fiber, which has been sold to 40 countries around the world. We also have corporate partners in Japan and the USA.
We are currently developing the flexible, compostable packaging film. We expect to provide the final production testing film in Q3 of 2021.
We are working with Budweiser to test their spent grain and Kingdomway to test their co-enzyme Q10 for our packaging film.
On the other hand, Nestle, Harada Corporation, Dole, Arla have given us early commitments to purchase our flexible packaging film.
Market
The 2020 global packaging film market: $128.8 billion USD; CAGR: 4.7%. The global plastic film market is expected to reach $149.3 billion USD by 2027.
The global biodegradable film market size is estimated to be $1.1 billion USD in 2020 and projected to reach $1.5 billion USD by 2025, at a CAGR of 6.6%. Our SOM is $600 million USD.
Our material accommodates a diverse range of fully compostable packaging applications for fresh produce, dry food, fashion, and standard product packaging. Any company that uses flexible packaging film will become our client.
We are working with Budweiser to test their spent grain and Kingdomway to test their co-enzyme Q10 for our packaging film.
On the other hand, Nestle, Harada Corporation, Dole, Arla have given us early commitments to purchase our flexible packaging film.
Problem or Opportunity
The plastic used for food and beverage packaging makes up two-thirds of the world’s plastic waste. Rigid (non-flexible) food plastic packaging is partly recyclable. However, flexible packaging (packages such as fresh produce, coffee, snacks, granola bars, etc.) is a growing segment of the world’s packaging market. The world produces 78 million tons of flexible packaging film every year.
Even though the volume of flexible packaging is smaller by weight and space, most flexible packaging cannot be practically recycled. Flexible packaging isn’t made of pure plastic polymers but rather made by blending several materials. These blended materials make flexible packaging complicated for separation and recycling.
The increasing amount of synthetic plastic waste is a huge problem that could potentially be solved with bioplastics. Despite increasing efforts to recycle, approximately 53% of waste in the US is still sent to landfill and plastic waste makes up about 19% of that. While evidence suggests that people are becoming more aware of the damage that plastic waste can cause to the environment, it is still extremely prevalent in daily lives, from packaging to clothing.
Solution (product or service)
Unlike current alternatives to microplastics, which are based on plant polysaccharides, such as cellulose and algae, Mi Terro’s plant protein materials do not rely on chemical cross-linking for their performance. This enables them to decompose quickly and completely in the natural environment. Our proprietary technology re-engineers agricultural waste into plastic-alternative packaging material. Our packaging film is 3-4 times cheaper than other bio-based materials (PLA, PHA, PBAT), is at a similar price as LDPE film, home compostable, ocean degradable, heat sealable, excellent water and oxygen barrier, low thickness, and potentially edible. Our technology can potentially apply to any type of agricultural byproducts and surplus food, including plant, dairy, and vitamin supplement byproducts. Our process uses less energy than paper and plastic production while creating 90% less CO2 than plastic.
Our material accommodates a diverse range of fully compostable packaging applications for fresh produce, dry food, fashion, and standard product packaging.
We are replacing petroleum-based materials with protein-based materials made from agricultural waste. We are redefining the circular economy in which everything begins with agricultural waste and ends as compostable or biodegradable.
Competitors
If you take a dive into the existing patents of the compostable packaging solutions, then you will find that more than 90% of them have combinations of 20% bio-based materials (PLA/ starch/ algae, sugar) and 80% fossil-based materials (PLA/ PBA/ PBSA). For example, Lactips’ technology is made from casein protein and PBS (fossil-based), and the cost of their film is really high. Also, its film is water-soluble, which means it isn't good for food or other types of packaging. On the other hand, another company called Tipa creates compostable packaging film made from 20% PLA and 80% PBSA/PBAT. PBSA and PBAT are fossil-based. These solutions are greenwashing!
Advantages or differentiators
Our packaging film is 3-5 times cheaper than other bio-based materials (PLA, Unlike current alternatives to microplastics, which are based on plant polysaccharides, such as cellulose and algae, Mi Terro plant protein materials do not rely on chemical cross-linking for their performance. This enables them to decompose quickly and completely in the natural environment. Our packaging film is 3-4 times cheaper than other bio-based materials (PLA, PHA, PBAT), is as cheap as LDPE film, home compostable, ocean degradable, heat sealable, excellent water and oxygen barrier, low thickness, and potentially edible. Our technology can potentially apply to any type of agricultural product, including plant-based, dairy, and vitamin supplement byproducts. Our packaging film is primary used for food packaging, grocery bag, fashion, and paper cup coating.
We also have secured raw material suppliers and clients. We can scale up quickly at a global level with existing machinery.
Finance
In 2021, our revenue is projected to be $95,040.00, which includes providing our packaging film samples to our clients and selling textile fiber.
2022: Projected revenue: $1,448,010.00, which includes start manufacturing at small scale, equals 20,000+ rolls of films.
2023: Projected revenue: $11,689,088.00, which includes start manufacturing at mid-scale, equals 200,000+ rolls of films.
2024: Projected revenue: $51,420,320.00, which includes start manufacturing at commercial scale, equals 1,000,000+ rolls of films.
Business model
Our business model is B2B2C. In stage 1, we sell the final products (packaging film and fiber). In stage 2, we sell the protein powder extracted from agricultural waste to food and beverage companies (plant-based meat), fertilizer, and animal feed. In stage 3, we will license our technology.
Money will be spent on
We plan to raise $6,000,000 USD. We plan to spend $2,500,000 on purchasing equipment, $1,500,000 on sourcing raw materials, $1,000,000 on recruiting talents, $900,000 on new product development, $500,000 on operating the semi-commercial production facility, $60,000 on filing patents (4), and $40,000 on marketing.
MassChallenge Boston
Dairy Farmers of America Accelerator
GROW Accelerator
Harada Accelerator
Net Zero Accelerator
Food Tech Studio
Won the competition and other awards
Meda Million Dollar Challenge 2020 Winner
U.Pitch Elevator Pitch Competition by Future Founder
Entre Pitch Competition Winner
Falling Wall NY Winner
HKSTP Elevator Picture Innovation Competition Winner of Smart Category category and Champion
Winner of Asia Innovative Tech Startup Battle
Startup World Cup Chicago Regional Champion
Winner of Online Unicorn Battle in California by Startup.Network
UN FAO Global Agrilnno Challenge 2020 Second Place
Winner of “The most investable startup of the year” by Creative Business Network
MassChallenge Boston Finalist
FoodBytes Finalist
Sustainable Fashion Award Finalist
Top 15 Startup of the Year by Established
Invention/Patent
Filed patents in China and in the US. Will file 4 more patents in 2021.
