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Canopy receives $60M to advance next-gen paper, packaging

Canopy will receive $60 million in funding from the Audacious Project to catalyze the commercial production of low-carbon and circular solutions.

“The audacious work being done by Canopy is not only transforming carbon-intensive supply chains at a critical juncture for our planet, but also with a network of engaged and willing partners, some truly exciting and innovative solutions can now be delivered at scale,” said Anna Verghese, executive director at the Audacious Project. “We are excited about the change they will catalyze over the coming years with this surge in support.”

Housed at TED, the Audacious Project is a collaborative funding initiative that drives social impact on a grand scale. Every year, they select a group of bold solutions to the world’s most urgent challenges. This year, Canopy was one of the selectees for its work in advancing vital forest-free supply chains.

Canopy will utilize the funds to accelerate the commercial-scale production of low-impact and circular clothing, paper, and packaging solutions that don’t rely on pulp from ancient and endangered forests. These next-gen solutions are derived from what is usually landfilled (waste textile, waste food scraps), or burned (agricultural residues), to create new fabrics, paper, pulp, and packaging.

“We are very proud to be included in this year’s group of Audacious grantees and believe that Canopy’s creative, collaborative, and transformative work will be key in driving supply chain change at scale and, in turn, provide a reprieve to critical forests that are under current and future threats, within the next decade and beyond,” said Nicole Rycroft, Canopy’s executive founder.