TemperPack, Richmond, Va., raised $22.5 million in Series B financing led by Revolution Growth, Washington, D.C., with other new investors such as Harbert Growth Partners, Richmond, Va.; Arborview Capital, Chevy Chase, Md.; and Tao Capital Partners, San Francisco; as well as existing investor SJF Ventures, Durham, N.C. 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 with proprietary bio-based materials.
TemperPack designs and tests products in its state-of-the-art Proving Ground laboratory using the company’s patent-pending ClimaCell technology, which is said to be the first functional, sustainable alternative to plastic foams.
"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," says Brian Powers, co-founder 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," says James McGoff, co-founder 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," says Klein. "As corporations respond to escalating consumer pressure for more environmentally friendly packaging, we expect the demand for TemperPack's products to accelerate quickly."