Israeli flexible compostable packaging firm TIPA Corp. announced on Sunday it has raised a $70 million Series C round, according to Globes.
The round was led by Millenium Food-Tech, an R&D partnership traded on the Tel Aviv Stock Exchange, and Meitav Dash Investments. The companies invested $30 million together.
Other unnamed investors also participated in the round.
The company has raised $130 million in total to date, including the latest investment.
Founded in 2010, TIPA Corp offers biodegradable food packaging solutions and fully compostable flexible packaging that delivers the durability, functionality, transparency, and sealability of conventional plastic. TIPA’s films biodegrade into soil nutrients within 180 days of disposal inside a compost system.
TIPA focuses on consumer flexible plastic, a $103 million market that is steadily growing to replace hard-to-recycle plastics. The company has developed a range of packaging solutions for applications such as fresh produce, fresh bakery, dry food, and apparel packaging.
Global brands and retailers in the food and fashion industry have embraced TIPA’s solutions including Waitrose, Woolworth, Riverford Organic Farmers, Pangaia, and Scotch & Soda, among many others.TIPA is also engaged in multiple strategic partnerships with industry leaders. It recently signed a partnership agreement with Amcor, the world’s largest plastic packaging manufacturer. The partnerships aim to provide compostable packaging solutions for the packaging market in Australia and New Zealand.
“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,” said TIPA CEO Daphna Nissenbaum, “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.”