PANGEA Movement, a sustainable clothing company based in Bali, is making a positive impact by using plastic waste to create jackets, towels, and sunglasses. The startup raised nearly $300,000 on Wefunder last year. We reached out to the co-founder and CEO, Marcos Bulacio, to learn more about how the company utilized these funds and its plans for the future.
Impactful gear
PANGEA Movement collects plastic waste by conducting regular missions in the Balinese nature. It uses the plastic to manufacture sunglasses in its recently established facility in Bali. Each line of sunglasses is named after the specific location where the plastic was sourced. PANGEA Movement intends to launch these sunglasses on Kickstarter before incorporating them into its website.
Marcos says the bamboo towel is the company’s highest-selling product. The company’s revenue has shown promising growth, increasing from $64,687 in 2021 to $139,161 in 2022. Moreover, the company’s revenue continues to grow steadily, with PANGEA generating $205,000 from January to June 2023. This positive traction is encouraging for potential investors.
New investors who wish to join the funding round can now benefit from attractive terms. The company’s valuation cap has only increased from $6.4 million to $6.9 million since the previous year. Although PANGEA is still valued relatively high compared to its revenue, investors can participate under a similar cap as the last round while witnessing more robust evidence of the company’s traction.
Big dreams
Driven by their mission, the company’s co-founders are focused on expanding their business. While establishing a presence in the eyewear industry is a gateway for PANGEA, its ultimate goal is to become a supplier of recycled plastic within the circular economy. They aspire to streamline the decarbonization of the economy and promote the reuse of waste plastics. In the coming years, the founders plan to raise a Series A round and establish a science lab dedicated to plastic and material science. Ultimately, they dream of producing plastic from seaweed.
Currently, PANGEA Movement is developing its retail operations but faces challenges such as supply chain delays and the impact of inflation, common issues encountered by many companies in the sector. Despite these risks, the investment opportunity resembles last year’s Neutral Deal, offering a similar valuation but stronger traction.
