ImpactAlpha, July 11 – What do Mount Pleasant, S.C., New York City, the Indian state of Maharashtra, and Zimbabwe all have in common? They’re cracking down on single use plastic and polystyrene products. The diversity of governments and places taking action on environmentally unfriendly packaging highlights an accelerating global trend.
And opportunity. New York-based Closed Loop Fund is backing Richmond, Va.-based TemperPack’s business of creating compostable insulated packaging products. The company’s products, made from paper instead of plastic or polystyrene, are biodegradable and recyclable. TemperPack makes its products in manufacturing facilities in Richmond and Las Vegas. The funding will be used to expand its Las Vegas-based operations.
- Previous funding… The company raised a $10 million Series A round last year led by SJF Ventures, with participation from Third Prime Capital, Interplay Ventures, and others.
- Plastic-free peers… Israeli startup TIPA, German startup Bio-Lutions, and California-based Ecologic have all raised capital for their environmentally-friendlier packaging products.