Sustainable thermal packaging solutions provider TemperPack has secured $22.5m funding to expand business and engineer new products in response to increased demand.
TemperPack has raised the money under series B financing round led by Revolution Growth. New investors such as Harbert Growth Partners, Arborview Capital and Tao Capital Partners as well as existing investor SJF Ventures also took part in the round.
Revolution Growth partner Todd Klein and Harbert Growth Partners general partner Brian Carney to join TemperPack’s board.
TemperPack cofounder and co-CEO Brian Powers said: “Plastic foam can take more than 500 years to degrade. It’s an antiquated technology that damages brands as much as it damages the environment.
“Consumers, governments and logistics companies are all desperate for a truly functional, authentically sustainable alternative. ClimaCell finally fills that void.”
TemperPack is engaged in the design, manufacturing and distribution of sustainable packaging products, which will enable to replace single use plastics such as Styrofoam with advanced bio-based materials.
Founded in 2015, the company aims to reduce unsustainable packaging resulted due to the rise of e-commerce food and life science cold chain logistics.
According to the company, the packaging waste represents one-third of all municipal trash and costs local governments billions of dollars to dispose of each year, in addition to being harmful to the environment.
TemperPack designs and tests products at its proving ground laboratory, in a bid to meet accurate client specifications in different fields ranging from fresh food delivery to the shipment of biologic drugs.
The firm’s patent-pending ClimaCell technology is said to be a functional and sustainable alternative to plastic foams such as Styrofoam. It is also How2Recycle certified and curbside recyclable product.
TemperPack has two factories in Virginia and Nevada, and is focusing on expanding its operations in the food and life science cold chain logistics markets to decrease the amount of packaging that enters landfills.
Revolution Growth partner Todd Klein said: “The era of toxic packaging is over, and we believe TemperPack will lead in the elimination of Styrofoam, which is increasingly under regulatory and consumer scrutiny due to its negative impact on the environment.”