Cruz Foam, a California-based startup developing bio-based styrofoam using seafood waste, raised USD 18 million in a Series A funding round led by Helena. New investors SoundWaves and One Small Planet, and existing investors Regeneration.VC and At One Ventures also joined the round.

The funds will be used to scale commercialization efforts amidst increasing demand for the company’s products. 

The company also announced the conversion to a Public Benefit Corporation and will start reporting annually on the company’s progress in achieving public benefit.

Following the round, Matthew Saunders from Helena, Will Peterffy from One Small Planet, and an independent director will join Cruz Foam’s board of directors. 

Analyst QuickTake : This funding round is the company’s highest to date. Cruz Foam previously raised USD 0.9 million in an extended seed funding round in April 2022 to scale its operations globally and develop the infrastructure necessary for scaling. The company is working on commercializing its solution successfully across various applications and has also partnered with Re-Nuble , a New York-based developer of alternative growth media for indoor farms, to jointly develop and commercialize the latter’s product “ReNu Terra.”