TemperPack secures $10 million to fund expansion
TemperPack, a leader in earth-friendly packaging for temperature-sensitive foods, announced that it has raised $10 million to expand its operations and further commercialize innovative, new products. SJF Ventures led the fundraising round, joined by Interplay Ventures, Third Prime Capital and Dolik Ventures. Robert Beckler, formerly the president of packaging at WestRock, an international paper and packaging company, also participated in the round and will be joining the board as executive chairman.
Concerned with the steep increase in packaging waste from e-commerce, materials engineers James McGoff and Charles Vincent partnered with Brian Powers to found TemperPack, with the aim of lowering the environmental impact of shipping while improving the customer experience. Together, they developed and launched TemperPack in 2014 and have released a range of powerful insulation products that can be easily disposed of into existing recycling and composting facilities. The company currently serves over 40 customers including many market leaders within the meal-kit and grocery e-commerce sectors.
"We are excited to be partnering with SJF and the other syndicate partners in this next phase of growth for the company. TemperPack grew sales more than 500% in 2016 and the company is now ready to bring in outside capital to help meet growing customer and market needs for disruptive packaging and insulation products," says Brian Powers, co-founder and co-CEO of TemperPack. "SJF Ventures, a leading impact investment fund, is highly aligned with our commitment to sustainability and environmental stewardship."
Rapidly growing consumer demand for convenient delivery of perishable products such as produce, meal-kits and prepared meals is driving significant packaging disposal concerns for retailers and suppliers. TemperPack's mission is to provide these booming industries with sustainable packaging materials that consumers can feel great about.
"TemperPack addresses a core pain point for the e-commerce sector today," says Cody Nystrom, managing director of SJF Ventures. "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."