Biodegradable packaging co Tipa raises $10m

Li Ka-shing's Horizons Ventures led the financing round.

Biodegradable packaging company Tipa Corporation has raised $10 million in a financing round led by Li Ka-shing's Horizons Ventures. Other investors in the round include previous Israeli investors Aviv Venture Capital, and GreenSoil Investments. According to IVC, Tipa has raised $12.5 million to date.

Tipa was founded at Moshav Ramot in 2010 by CEO Daphna Nissenbaum and VP products Tal Neuman. The company develops biodegradable and recyclable packaging for food and beverages, including snacks and frozen food. The company says that its packaging, which is partly based on orange peel, degrades after 180 days. The packaging costs little to manufacture. It will use the financing to develop new products and sign collaborations and conduct pilots with food manufacturers and packaging companies.

The investment in Tipa is the latest in an Israeli start-up by Horizons Ventures. 2013 was the fund's most active year in Israel, with investments in computer image understanding developer Cortica Ltd., scheduling organizer app Meekan Ltd., nanotech fiber developer NanoSpun Technologies Ltd., and other companies. It also invested in Waze Ltd., which was sold to Google Inc. (Nasdaq: GOOG), and Onavo Ltd., which was sold to Facebook Inc. (Nasdaq: FB).

Published by Globes [online], Israel business news - www.globes-online.com - on April 22, 2014

© Copyright of Globes Publisher Itonut (1983) Ltd. 2014

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