Dive Brief:
- The Greenlid is a compostable container used to store compost in the kitchen without the mess associated with food waste collection.
- The founders of the Canadian startup, Morgan and Jackson Wyatt, were guests on the reality TV show Dragons’ Den, which offers companies with innovative ideas funding to take it to the next level. The Greenlid nabbed an $85,000 deal for the brothers, who exchanged the investment for 20% equity in the company.
- The bins are made from recycled cardboard and newsprint, and are constructed using a formula that resists leakage associated with food scraps. The container is biodegradable, so when discarded at a compost facility, it breaks down.
Dive Insight:
The Wyatts intend to use the funding to buy molds for the containers, as well as expand their marketing and retail programs. Currently, the Greenllid bin is sold at Home Depot and other home improvement stores in Canada and costs $11.99 for a starter pack.