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Vericool raises $19.1M funding to scale up plant-based packaging

Vericool raises $19.1M funding to scale up plant-based packaging
Vericool raises $19.1M funding to scale up plant-based packaging

Vericool, a developer of sustainable cold chain packaging, has recently raised Series A financing worth $19.1 million. Sources familiar with the matter have stated that investors of this funding round include AiiM Partners, ID8 Investments, The Ecosystem Integrity Fund, and Radicle Impact Partners.

The company, since it was founded in 2015 by Darrell Jobe, has been focused on manufacturing cold and thermal shipping boxes, as well as providing customization, inventory management, and warehousing services. The main objective of the company’s recent fundraising activity is to replace the conventional packaging materials such as polystyrene with insulating plant-based packaging materials. The company also serves various sectors in the United States including pharmaceuticals, life sciences, biotechnology, as well as food & vegetable.

Vericool technology reportedly uses 100% recycled paper fibers as well as other plant-based materials that are curbside compostable and recyclable. Its eco-friendly cooler as well as the plant-based, proprietary, patented sustainable packaging solutions can significantly help reduce the level of environmental pollution. The company also intends to utilize proceeds from the recent funding to ensure business expansion and serve the potential customers in the global market.

According to the statement made by Dan Skaff, Vericool’s new lead director and Radicle Impact Partners’ managing associate, the company maintains a significant track record of high-performance merchandise, innovation, focus on environment resilience, and well-established patent portfolio. He further expressed appreciation towards the social justice commitment of the company to address recidivism as well as supply workplace opportunity to previously incarcerated people.

The company’s patent-pending as well as patented products have been utilized to ship medical and food products that require cold chain or temperature-controlled packaging. Vericoolers, its patented high-performance thermal shippers made from natural ingredients, can perform to customer defined ISTA and ASTM standards, and has revolutionized the way cold chain products are being shipped.

Source credits:

https://watchtechmarket.com/vericool-raises-19-1-million-for-its-plant-based-packaging-replacement-for-plastic-coolers-techcrunch/

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Vinisha Joshi

Despite graduating with an engineering degree in electronics and communication, Vinisha Joshi chose the road less travelled, and decided to pursue her career in content writing . Currently, she pens down articles for cuereport.com and a few other distinguished news platforms, pertaining to business and finance.