Sky’s impact investment fund, Sky Ocean Ventures, has committed $2m to a zero-waste shopping service called Loop.

Loop is designed to help transform the world’s reliance on single-use plastic by closing the ‘loop’ on waste and creating a circular economy. Set to launch in the UK with Tesco in 2020, customers have household products delivered in reusable containers that are then collected, cleaned, refilled and reused or recycled in a 21st Century Milkman service of hundreds of everyday items.

Jeremy Darroch, group chief executive, Sky, said: “This complete system redesign requires being able to win the trust and buy-in of major brands and retailers and with parent company TerraCycle’s experience in the recycling industry, Loop is uniquely placed to make it work.“

Companies including P&G, Nestlé, The Body Shop and Unilever are signed up, with their products already available through Loop in the US and France.

An initiative from US recycling business TerraCycle, Loop will become Sky Ocean Ventures’ 17th investment as the £25million fund continues to accelerate young companies who are addressing the plastics crisis. Launched in 2018, the media-powered investment fund was set-up as part of Sky’s commitment to help create a better and plastic-free future for our oceans, recognising that business can help tackle the big issues in the world we live in.

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