The funding will be used to meet the rapidly increasing demand for Vericool’s patented, market-leading products and increased business
Vericool closes equity financing. (Credit: Business Wire)
Vericool, an innovator and manufacturer of environmentally-friendly packaging solutions, has closed $19.1 million in Series A Preferred Stock financing. The funding, which officially closed March 27th, will be used to meet the rapidly increasing demand for Vericool’s patented, market-leading products and increased business by customers across industries, including food service and pharmaceutical.
Vericool’s mission is to replace traditional packaging materials that pollute the environment, such as polystyrene (styrofoam). Polystyrene, used for its low-cost insulation qualities, is rarely recycled. Some experts say it can take 500 years to break down in landfill and its white pellets wreak havoc on the environment –littering beaches, roadways and being fatally ingested by marine and other wildlife.
Vericool’s innovative, cost-effective, patented and patent-pending products are made from 100% recycled paper fibers and other plant-based materials. The products are utilized to ship food and medical products that require qualified, temperature-controlled packaging. Vericool’s products are curbside recyclable and compostable, avoiding the detrimental impacts created by traditional packaging.
“We are happy to announce the closing of our equity financing. This is a transformative event for Vericool and solidifies us as the industry leader in sustainable thermal technology. Our cost-effective, patented products outperform polystyrene and can be used for many applications and customers. This new capital enables us to rapidly penetrate and support the exploding market for these environmentally-friendly solutions,” said Darrell Jobe, CEO and founder, Vericool. “The deal also brings to the company investors with significant experience managing and financing rapid growth. Partnering with mission-aligned investors such as Radicle Impact Partners, The Ecosystem Integrity Fund, ID8 Investments and AiiM Partners will enable us to successfully take Vericool to the next level.”
“We’re pleased to support Vericool because of the company’s track record of innovation, high-performance products, well-established patent portfolio and focus on environmental resilience. We are inspired by the company’s social justice commitment to address recidivism and provide workplace opportunity to formerly incarcerated individuals,” said Dan Skaff, managing partner of Radicle Impact Partners and Vericool’s new Lead Director. “Darrell’s creativity and vision for Vericool are aligned with our investment strategy of scaling businesses that are focused on diversity, equity and inclusion and deliver benefit to the environment and our communities.”
Source: Company Press Release