TemperPack Announces $10 Million Series A Financing led by SJF Ventures
RICHMOND, Va., July 14, 2017-- TemperPack (www.temperpack.com), the leader in earth-friendly packaging for insulated, temperature-sensitive goods, announced today 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, frozen meats and fish, meal-kits, prepared meals, and pharmaceuticals is driving significant packaging disposal concerns for retailers and suppliers as well as end-consumers. 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. The company refutes perceptions that 'green' should require meaningful trade-offs in effectiveness or price." Cody Nystrom will also be joining the TemperPack Board.
According to Robert Beckler, Executive Chairman, "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."
The company currently ships millions of insulation products each month to over 40 customers. Since 2015, TemperPack has recycled more than 5 million pounds of plant fiber, and is on track to divert more than 10 million pounds of plastic foam from landfills, preventing over 10 million pounds of carbon emissions from its sustainable alternatives.
TemperPack brings sustainable packaging technology to companies that ship perishable goods such as food and pharmaceuticals. TemperPack helps companies reduce their environmental impact by using packaging their customers can feel great about. TemperPack's proprietary insulated packaging ensures safe delivery in a sustainable manner. Headquartered in Richmond, Virginia, the company employs more than 200 associates, and is on track to create an additional 150 jobs in Virginia and Nevada by 2018.
About SJF Ventures
Founded in 1999, SJF Ventures invests in high-growth companies creating a healthier, smarter and cleaner future. Our mission is to catalyze the development of highly successful businesses driving lasting, positive changes. www.sjfventures.com
John Briney, TemperPack
Cody Nystrom, SJF Ventures
Venture Capital Database