London investment house invests $16 million in no-plastic detergent startup
London- and San Francisco-based The Craftory has invested $16 million in Dropps, leaders in non-toxic, plastic-free detergent.
To this date, Dropps has prevented one million single-use plastic bottles, jugs, and tubs from polluting oceans through its affordable, eco-responsible cleaning products with zero-plastic packaging and plant-based formulas.
The multi-million investment will allow the company to scale up and meet growing demand for its subscription services, popular in the eco-focused market.
The Craftory is a $375 million global investment house focused exclusively on offering capital to ethical and progressive FMCG businesses.
Jonathan Propper, founder and CEO of Dropps, said: “The Craftory is an ideal partner for our business and I’m humbled by their investment.
“Their founders and operational team provides more than just money to their portfolio companies. In addition, The Craftory’s revolutionary investment philosophy aligns well with our mission-driven values so we can maintain our triple-bottom line of social, environmental and financial impact."
Elio Leoni Sceti, Co-founder and Chief Crafter at The Craftory, said: “Dropps is a model challenger brand making the right choices for the planet and its consumers. We have been impressed by Jonathan, a seasoned entrepreneur with more than 30 years of experience in the fabrics and detergents industry.”