LIVERMORE, Calif.--(BUSINESS WIRE)--Vericool, developer of the Vericoolers®—the only high performing, sustainable cold chain packaging that performs as well as Styrofoam, announced today that it has closed $5 million in funding. The round was led by packaging investor and innovator BillerudKorsnäs AB investment company BillerudKorsnäs Venture AB. The latest round of funding will be used for capacity expansion to meet increasing demand from customers in meal subscription and pharmaceutical/life sciences industries and to expand operations in California, the Midwest and on the East Coast.
Vericoolers are the best alternative to polystyrene (EPS), known as Styrofoam, which experts say can take 500 years to decompose. Recycling of the non-biodegradable EPS is difficult and very expensive.
”Within the cold chain segment, for decades, there has been a need to find products that can replace fossil fuel-based packaging solutions. Vericool's market disruptive products are examples of such, which goes completely with what we work for within BillerudKorsnäs. Together we intend to build tomorrow's sustainable packaging solutions and through an expanded offer with alternatives to polystyrene, we will continue to challenge conventional packaging for a sustainable future,” said BillerudKorsnäs Venture Managing Director Anders Persson.
“With a strong focus on sustainability and innovation, BillerudKorsnäs is a great partner and investor for Vericool. They have experience and insight into how important truly sustainable packaging is for companies, people and the planet,” said Darrell Jobe, CEO of Vericool. “Increasingly, we are speaking with executives who recognize that Styrofoam damages our planet—it’s already being banned in cities around the world—and, ultimately, creates environmental and business risk for companies today and in the future. Vericoolers solve their cold chain packaging problems.”
Recyclable and compostable Vericool products keep cold products cold up to the critical 96-hour range. Users of Vericool products include leading companies in the pharmaceutical, biosciences and food kit subscription industries that ship temperature-sensitive goods.
Vericool has quickly moved from concept to performance verification on its patented and patent-pending products. The company’s innovative solutions are now perfectly positioned to meet growing cold chain shipping needs, particularly in food delivery sector, a $30 billion opportunity that is projected to reach $210 billion over the long term, according to Morgan Stanley.
Under the terms of the raise, BillerudKorsnäs AB will hold one seat on the Vericool board of directors.
To learn more about the differences between Styrofoam and Vericool packaging, watch this video.
About Vericool, Inc.
Based in Livermore, Calif., Vericool delivers sustainable packaging that protects products, people and the planet. RecyclapostableTM – recyclable and compostable - Vericoolers® are the only high performing 100% compostable insulation and recyclable cold chain packaging in the market, making them the safest replacement for Styrofoam. Patented and patent-pending Vericoolers are cost-effective and reliable, ensuring that food, medicines and other temperature sensitive products stay cool from packaging to receipt. Customizable and high-performing, Vericoolers can perform to customer-defined ASTM and ISTA standards.
Vericool is all about delivering second chances for people and companies to do the right thing for the planet. Those that get it—Vericooler it.
About BillerudKorsnäs AB
BillerudKorsnäs provides packaging materials and solutions that challenge conventional packaging for a sustainable future. We are a world-leading provider of primary fibre based packaging materials and have customers in over 100 countries. The company has 8 production sites in Sweden, Finland and the UK and about 4300 employees in over 13 countries. BillerudKorsnäs has an annual turnover of about SEK 22 billion and is listed on Nasdaq Stockholm. www.billerudkorsnas.com. For more information, please contact: Anders Persson, Managing Director of BillerudKorsnäs Venture, +46 (0)76-776 13 88, firstname.lastname@example.org