Millennium Food-Tech R&D Partnership (TASE: MIFT) has notified the Tel Aviv Stock Exchange (TASE) that it has led a $10 million financing round in Israeli compostable flexible packaging company TIPA. The company has raised $53 million to date and other investors include Blue Horizon Ventures, Triodos Organic Growth Fund, Chestnut and GreenSoil Investments.
TIPA was founded in 2010 by CEO Daphna Nissenbaum and Tal Neuman. The company has 50 employees in Israel, Europe, the US and Australia.
Nissenbaum said, "In recent years there has been a growing storm around the heavy price we are paying for plastic use resulting from the products of the polluting plastic industry, which has grown exponentially in recent decades and irreversibly damaged the environment. We have developed smart packaging technology over the years imitating the packaging of nature. Packaging that is in fact organic, exactly like a peel provides."
TIPA manufactures a unique compostable packaging solution developed using innovative material. Their breakthrough technology offers a sustainable alternative for the flexible packaging market, in contrast to the existing flexible plastic films currently on the market, which are cannot be recycled in most cases. TIPA has developed compostable solutions for food packaging that, when placed in a home and industrial compost facilities, disintegrate and decompose like organic waste. The company currently provides solutions for various markets and different types of foods such as: fresh fruits and vegetables, cereals and legumes, granola, snacks, coffee beans, cakes and candies. The company has also developed packaging solutions for non-food marketing including zipper packages, and polybags for the fashion market etc.
Published by Globes, Israel business news - en.globes.co.il - on February 17, 2021
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