Eco-Products Inc., a maker of ``earth-friendly'' dinnerware and cleaning products, has locked in a $2 million first round of funding to launch a department store.
The deal wrapped up this month, with Greenmont Capital Partners providing the funds, the companies said in a news release. The department store, Ellie's Home Store, is slated to open in November in Boulder.
``We plan to go from $9 million [in 2007 sales] to over $100 million next year,'' Eco-Products Chief Executive Officer Steve Savage said Sept. 3 in the Boulder Daily Camera. When contacted, neither Boulder-based company would comment further.
Founded in 1990, Eco-Products manufactures dinnerware out of plastics derived from sugar cane and corn starch. The company markets its products as compostable, the release said.
Ellie's Home Store aims to capitalize on the area's high concentration of potential customers categorized as LOHAS those who have ``lifestyles of health and sustainability.'' According to LOHAS market watchers, shoppers in the segment make up about 20 percent of all U.S. shoppers, racking up $209 billion in green sales in 2006.