Israeli compostable packaging co TIPA raises $70m

TIPA packaging Photo: TIPA

TIPA has developed a wide range of patent-protected packaging solutions for applications such as fresh produce, fresh bakery, dry food and clothing.

Israeli flexible compostable packaging solutions company TIPA Corp. has announced the completion of a $70 million Series C financing round led by Millennium Food-Tech (TASE: MIFT.L) and Meitav Dash Investments (TASE: MTDS), which invested $30 million together. Other unnamed investors participated in the round. Since TIPA was founded in 2010, the company has raised $130 million, including the latest investment.

Plastic packaging is a growing worldwide problem, with plastic pollution weighing on the environment and the sea and harming the health of mankind and animals. It takes 300 years for a plastic bag to disintegrate, 500 years for a plastic bottle to disintegrate and 1,000 years for a plastic box to disintegrate.

Foreseeing the massive growth in the market-demand for compostable packaging, to replace hard-to-recycle plastics, a global market worth $103 billion annually, TIPA has developed a wide range of patent-protected packaging solutions for applications such as fresh produce, fresh bakery, dry food and clothing. Multiple brands and retailers in food and fashion industries have already adopted TIPA’s solutions including Waitrose, Woolworth, Riverford Organic Farmers, Pangaia, and Scotch & Soda.

TIPA is also engaged in multiple strategic partnerships with industry leaders in its supply chain. It recently signed a partnership agreement with AMCOR, the world's largest plastic packaging manufacturer (NYSE: AMCOR). The partnerships aim to provide compostable packaging solutions for the packaging market in Australia and New Zealand.

TIPA CEO Daphna Nissenbaum said, "Our encounter with plastic packaging waste in our everyday lives has become a constant alarming reminder of the crisis we face as humanity. New solutions that move beyond plastic and beyond the failure of the recycling industry are required to solve this crisis. In recent years, we have witnessed a sharp increase in the demand for sustainable packaging solutions from consumers, while compostable packaging solutions repeatedly are reported as the No 1 choice of consumers around the globe. TIPA’s packaging offers an answer for brands and consumers who want functional, sustainable, and organically recyclable substitutes for packaging that leave no waste behind. This round of funding is designated to support the company’s rapid growth and to enable a broader response to the growing market demand and continue to position TIPA as a world leader in compostable packaging solutions."

Published by Globes, Israel business news - en.globes.co.il - on January 2, 2022.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.

TIPA packaging Photo: TIPA
TIPA packaging Photo: TIPA
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