RICHMOND, VA, TemperPack, the leader in sustainable thermal packaging solutions, announced that it has raised $22.5 million in Series B financing.
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The round was led by Revolution Growth, with other new investors Harbert Growth Partners, Arborview Capital and Tao Capital Partners, and with existing investor SJF Ventures also participating in the round. With the new financing, Todd Klein, Partner at Revolution Growth, and Brian Carney, General Partner at Harbert Growth Partners, will join the board.
TemperPack engineers, manufactures and distributes sustainable packaging products that replace single use plastics, such as Styrofoam¬®, with proprietary bio-based materials. Founded in 2015 by James McGoff, Brian Powers and Charles Vincent, TemperPack has grown rapidly in pursuit of its mission to reduce the amount of unsustainable packaging driven by the rise of e-commerce food and life science cold chain logistics. In addition to being harmful to the environment, packaging waste represents one-third of all municipal trash and costs local governments billions of dollars to dispose of each year.
TemperPack designs and tests products in its state of the art Proving Ground laboratory to meet precise client specifications in fields ranging from fresh food delivery to the shipment of biologic drugs. TemperPack's patent-pending ClimaCell technology is the first truly functional, sustainable alternative to plastic foams such as Styrofoam¬®. ClimaCell is How2Recycle¬® certified and curbside recyclable, and it insulates as well as expanded polystyrene (Styrofoam¬®) and far better than other sustainable alternatives.
"Plastic foam can take more than 500 years to degrade. It's an antiquated technology that damages brands as much as it damages the environment. Consumers, governments and logistics companies are all desperate for a truly functional, authentically sustainable alternative. ClimaCell finally fills that void," said Brian Powers, cofounder and co-CEO of TemperPack.
"Packaging is a bit like electricity; the average person doesn't always think about it, but it's moving and working all around us non-stop. At any given moment there are millions of products in transit packaged in single use plastic. With the rise of e-commerce, we're focused on making packaging that is designed as thoughtfully as the products it protects," said James McGoff, cofounder and co-CEO of TemperPack.
"The era of toxic packaging is over, and we believe TemperPack will lead in the elimination of Styrofoam¬®, which is increasingly under regulatory and consumer scrutiny due to its negative impact on the environment," said Todd Klein, Partner at Revolution Growth. "As corporations respond to escalating consumer pressure for more environmentally friendly packaging, we expect the demand for TemperPack's products to accelerate quickly."
Today, TemperPack operates two factories in Virginia and Nevada and is rapidly expanding its reach in the food and life science cold chain logistics markets, all with the goal of reducing the amount of packaging that ends up in landfills. It estimates that it has avoided 15 million pounds of carbon emissions and diverted 10 million pounds of plastic foam from landfills. Manufacturing ClimaCell is estimated to reduce carbon emissions by 97% compared to manufacturing comparable plastic foam.
Founded in 2015, TemperPack solves thermal packaging problems through sustainable design. The company was born out of a desire to reduce the amount of unsustainable packaging driven by the rise of e-commerce delivery and life science logistics. They specialize in bringing custom solutions for clients to scale in the perishable food and life sciences industries. Today, TemperPack operates two factories in Virginia and Nevada and is rapidly expanding, all with the goal of reducing the amount of single use plastic packaging. For more information, visit www.temperpack.com
About Revolution Growth
Founded and led by Steve Case, Ted Leonsis, and Donn Davis, Revolution Growth is an investment fund at Revolution that invests in companies that can change the world. Its mission is to build disruptive, innovative businesses that offer consumers more choice, convenience and control in their lives. By taking a long-term approach and developing a true, hands-on partnership with entrepreneurs and management teams, Revolution Growth brings a unique strategy and passion to investing in and building significant companies. For more information, visit www.revolution.com/growth.