Israel's compostable packaging producer raises USD 25m
Compostable packaging company Tipa (Hod Hasharon / Israel; www.tipa-corp.com) said it is expanding its sales and operations globally after completing a USD 25m (EUR 22.7m) financing round. Investors participating in the round included Blue Horizon Ventures, Triodos Organic Growth Fund and existing investors Chestnut and GreenSoil Investments. Daphna Nissenbaum, CEO and co-founder of Tipa, said: “We founded Tipa with the vision of offering sustainable packaging solutions that break down and return to nature, and are glad to continue expanding as we offer a patented technology to leading brands all over the world.” The company’s packaging solutions are designed to break down within months under composting conditions, behaving in the same way as organic matter, such as orange peel. The products are currently being used by global brands in Europe, Australia and the US, Tipa said.

Michael Kleindl, co-founder and managing partner of Blue Horizon Ventures, said Tipa’s growth is indicative of the market need for sustainable packaging solutions. “Leveraging its experienced and passionate team, proven technology, and steady focus on the global food and fashion industries, we’re confident that Tipa is positioned to become a global category leader,” he added. Isabelle Laurencin, senior investment manager at Triodos Organic Growth Fund, stated: “Currently less than 10% of plastic packaging is recycled, and when it comes to flexible packaging, the percentage actually goes down to only 5%. We are excited to support Tipa’s efforts in providing a sustainable and viable alternative solution to the pressing challenge of plastic waste reduction.”

Tipa said fashion designers using its compostable bags include Gabriela Hearst, Mara Hoffman and Stella McCartney. In response to consumer demand for more sustainable fashion, designers and brands are taking steps to make their products and packaging more sustainable, the company said. For example, Inditex, the parent company of clothing giant Zara, has pledged that by 2025, all of the cotton, linen and polyester used by its eight brands will be organic, sustainable or recycled.
27.09.2019 Plasteurope.com [243450-0]
Published on 27.09.2019

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