TIPA Corp, a developer of biodegradable packages for the food, drink, and fashion industries, announced the closure of a $25 million funding round by investors including Blue Horizon Ventures, Triodos Organic Growth Fund and existing investors Chestnut and GreenSoil Investments.
TIPA said in a statement that the funding will enable the company to continue its growth, expand its sales in new territories, and further develop its portfolio of unique packaging solutions.
“Plastics and their byproducts are littering our cities, fields, and oceans, and are contributing to health issues in humans and animals. Consumers all over the world are demanding alternatives and leading brands are seeking the right solutions,” said Daphna Nissenbaum, CEO and co-Founder of TIPA. “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.”
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.”
“Currently less than 10 percent of plastic packaging is recycled, and when it comes to flexible packaging, the percentage actually goes down to only 5 percent. We are excited to support TIPA’s efforts in providing a sustainable and viable alternative solution to the pressing challenge of plastic waste reduction,” said Isabelle Laurencin, Senior Investment Manager at Triodos Organic Growth Fund.
TIPA also won an award in the 2019 FT/IFC Transformational Business Awards in London, the prestigious impact-driven awards program set up by the International Finance Corporation, an arm of the World Bank Group, and the Financial Times. TIPA won in the Transformational Solution in Food, Water, & Land category.
Nissenbaum founded TIPA in 2010.