This Startup Turned 1 Million Pounds of Ocean Plastic Into a Highly Profitable Business

More than 363 billion pounds of plastic pollution is in the ocean. As these numbers continue to grow, some startups are finding their own sustainable ways to fight back. Solgaard is a startup making tons of cool and innovative products — with one catch.

The company’s products are built from upcycled ocean plastic and materials.

While it’s still in its early stages, the company recently announced a set of massive milestones as it chips away at the massive trash heap in the world's oceans. According to a recent update, not only has the company removed over 1 million pounds of plastic from the ocean, it did so and made a profit of over $1 million for the first three quarters of 2022 on revenue of about $20 million. 

Solgaard makes a host of innovative products, including a small shelf called the HomeBase. You can fit up to four devices on the shelf, which can wirelessly charge them.

Solgaard’s flagship products are suitcases and backpacks that are highly compartmentalized so you can stay organized during travel. Solgaard’s suitcases have built-in shelves that can be pulled out and hung in any closet. They even have unique designs like their space-themed Outta This World collection based on a partnership with astrophysicist Neil deGrasse Tyson. High-quality products coupled with unique and interesting designs seemingly spell success for this startup.

Solgaard’s Equity Crowdfunding Raise

As if this company wasn’t cool enough, it was actually people like you who brought it to life. Some of the company's earliest investors were everyday people on StartEngine. While its investment campaign is closed, other top sustainability-focused startups are raising capital. Everyday people saw the vision and invested when the company had much less traction. This means that those same investors will likely get all the upside from this startup's nearly 10 times growth since its investment raise.

See more on startup investing from Benzinga

• The Startup Investing Platform Secretly Making Everyday Investors Millions
• Eli Electric Prepares To Launch U.S. Sales Micro EVs

Photo by Naja Bertolt Jensen on Unsplash