Sustainable packaging technology firm TemperPack has secured $10m in funding to expand its operations and further commercialize new products.
The Series A financing round was led by SJF Ventures along with participation from Interplay Ventures, Third Prime Capital and Dolik Ventures.
Robert Beckler, formerly the president of packaging at paper and packaging firm WestRock, also took part in the round. He will join TemperPack’s board as executive chairman.
TemperPack was founded by Brian Powers, James McGoff and Charles Vincent to reduce the environmental impact of the packaging waste generated from grocery e-commerce.
Launched in 2014, TemperPack has released a suite of insulation products that can bedisposed of into current recycling and composting facilities. .
TemperPack provides sustainable packaging solutions for perishable products such as produce, frozen meats and fish, meal-kits, prepared meals, and pharmaceuticals.
The company currently serves more than 40 customers with its eco-sensitive packaging for insulated and temperature-sensitive goods.
Since 2015, the firm has recycled over 5 million pounds of plant fiber. TemperPack plans to divert more than 10 million pounds of plastic foam from landfills, avoiding over 10 million pounds of carbon emissions from its sustainable alternatives.
TemperPack co-founder and co-CEO Brian Powers said the compan yincreased sales more than 500% in 2016 and is now ready to bring in outside capital to help meet growing customer and market needs for disruptive packaging and insulation products.
SJF Ventures managing director Cody Nystrom said: “TemperPack addresses a core pain point for the e-commerce sector today. Their products replace environmentally-damaging materials such as styrofoam and other petroleum-derived insulation with a suite of proprietary, temperature-controlled products proven durable, safe and cost-efficient.
“TemperPack stood out as a highly innovative company purpose-built to compete effectively against the existing, uninspiring insulation solutions. The company refutes perceptions that 'green' should require meaningful trade-offs in effectiveness or price."
Beckler said: “e-commerce is driving revolutionary change in the way consumers experience brands. Increasingly, packaging influences this consumer experience in a lasting way.
“TemperPack has tapped directly into this market trend, by providing its customers with a unique suite of insulating products that are not only great for the environment, but significantly enhance the brand experience."