In Virginia, sustainable packaging company TemperPack has closed a $22.5-million Series B financing.
The company manufactures jute-based insulation materials, dubbed ClimaCell, that can replace single-use products made from Styrofoam. ClimaCell provides an ecofriendly alternative for the growing meal package delivery market as well as pharma cold chain logistics. Several cities, including New York, Seattle, and Washington DC, have also banned the use of Styrofoam.
“We’re in a race to become the market leader in sustainable thermal packaging and insulation that doesn’t harm the planet. It’s a multi-billion-dollar category and it’s dominated by Styrofoam,” TemperPack cofounder and co-CEO Brian Powers recently told Forbes. “In order to win the market we need to move really quickly.”
The Series B financing brings TemperPack’s total funding to $40 million. To date, the company estimates its products have cut the amount of plastic foam going into landfills by 10 million pounds.