A Longwood-based sustainable materials startup is closing in on $2 million raised via crowdfunding — which may result in more growth for the firm.
Timeplast, which manufactures a plastic-like material that dissolves in water within 60 hours, has raised $1.9 million on crowdfunding platform StartEngine as of March 17. The company also may add staff in the short term and likely will need more space to house those employees in the long term.
The company's global operations manager Tony Martinez told Orlando Inno the company's current goal is to raise $5 million, by which point it would like to have its first customer or customers on the books and transition from pre-revenue to post-revenue.
The Timeplast team is "humbled and thankful" by the crowdfunded investment activity to this point, Martinez said, as it looks to disrupt the sustainability landscape with a material that may replace the traditional plastics that build up in landfills and oceans.
"It seems like the public is latching on to the message and they are believing in the product — which is incredibly important, because we're dealing with a problem that is an existential threat to humanity."
Why this matters: Investment helps local startups scale up, which can lead to the creation of high-wage jobs and the development of innovative products and solutions.
The 15-year-old firm, a client of the University of Central Florida Winter Springs Incubator, has a mostly remote team of nine with staff, investors and advisors spread out between Latin America, Europe, Colorado, South Florida and metro Orlando.
Martinez said he and Timeplast founder and CEO Manuel Rendon — a former PepsiCo. executive with a background in environmental engineering — both are Central Floridians.
Additionally, Timeplast is interviewing for roles in business development, as well as technicians and engineers. As production ramps up, they will need more skilled hands, Martinez said.
The firm leases 2,500 square feet of space on Longwood Lake Mary Road, where it can manufacture at a high volume, Martinez said. However, the team does not have a lot of space for storage of raw goods, which it typically buys from overseas, Martinez said. It has a five-year goal to manufacture those raw goods itself — preferably in metro Orlando and, specifically, Seminole County, he added.
"The local economy here is favorable for companies and our local government is very accessible."
Water soluble plastics are not a novel concept but Timeplast wants to distinguish itself by creating soluble plastics with a similar high molecular weight to plastic but is almost like sugar in its ability to dissolve. For example, like a straw that would hold its composition for long enough for its use, then dissolve.
Timeplast is especially focused on creating single-use products, such as cutlery and food packaging for restaurants, Martinez said
"We're focusing more on where can we make the biggest impact most immediately."
The company's efforts are good news for the industry. Orlando startups ended fourth-quarter 2022 strong with $106.3 million in capital collectively raised. That was up 1,081% from $9 million in Q3 and down 0.8% from $107.2 million in Q4 2021, per a Jan. 12 report by PitchBook Data Inc. and the National Venture Capital Association.
The Q4 2022 surge in fundraising means Orlando companies raised more capital in 2022 ($477.1 million) than 2021 ($418.5 million), according to the investment deals tracked by PitchBook and the National Venture Capital Association.
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