iPac Packaging Innovations, a manufacturer specialising in thermoformed packaging, has secured £1m ($1.2m) in new investment.
The funding comprises two investments from Maven-managed regional funds, including a £600,000 investment from the Finance Durham Fund (FDF) and a £400,000 investment from the North East Development Capital Fund (NEDCF).
Durham County Council established the FDF and Business Durham oversees it while the NEDCF is supported by the European Regional Development Fund.
iPac will leverage these proceeds to launch its second site in County Durham.
This comes in response to the growing demand for its range of packaging products.
Established in 2016, iPac has been offering 100% recyclable products for the food and pharmaceutical industries since.
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The company also leverages more than 85% recycled plastic in its manufacturing process.
iPac managing director Jonny Catto said: “We are extremely excited to be expanding our operations to a second site as we continue to grow our customer base in the UK food and pharmacy sectors. Maven has been a key finance partner throughout our exciting growth journey.
“We have now completed our third deal with Maven and their support has been vital in executing our growth plans and achieving our ambitions. We’re delighted to be growing our relationship with David and the team further as we embark on the next stage in our journey and continue to transform the UK packaging sector.”
In 2019, the NEDCF invested in iPac to facilitate the acquisition of advanced equipment, including a new thermoforming machine.