Filipino startup Fortuna Cools announced the closure of a seed funding round led by the investment arm of the Asian Development Bank ADB Ventures and Katapult Ocean Fund with additional participation from Pasudeco Development Corporation, the Manila Angel Investors Network, she1k and Nardo Holdings.

The financial terms for this transaction were not disclosed, but Fortuna said the funds will be used to build its sales and engineering teams, as well as supporting the launch of its new product, the Nutshell Cooler.

The Nutshell Cooler is the second product to arrive from this company that has, up until this point, focused on providing eco-friendly cooling solutions in the B2B sector. Its new cooler uses the same natural fiber insulation as its original Coconut Cooler product, but the company says this new release is intended for casual consumer use such as outdoor recreations, trips to the beach, weekend getaways or grocery shopping. The Coconut Cooler was marketed to fishermen and commercial vendors as a sustainable and sturdy alternative to styrofoam coolers. Following the launch, these coconut husk coolers have seen substantial demand from a variety of B2B sectors.

Not only is Fortuna designing coolers that are using natural materials in a bid to reduce the amount of plastic in the world’s oceans, but the choice to repurpose coconut husks provides a supplementary environmental benefit.

“Small-scale coconut farmers have no choice today but to burn their piles of leftover husks,” explained company CEO David Cutler in a statement. On the company’s website, the choice to use coconut husks is further explained. According to Fortuna, in the Philippines alone, nine billion coconut husks are burned annually as a garbage product. Fortuna not only upcycles this waste and preventing the associated CO2 emissions from escaping into the atmosphere, but it provides extra income for impoverished coconut farmers.

With substantial success from its Coconut Cooler propelling the company forward, Fortuna intends for the launch of its Nutshell Cooler to launch the recreational version of its flagship product to international markets.