Packmatic has announced a successful €15m ($16.3m) series A funding round to support its digital packaging marketplace expansion into Europe.
The investment was led by European venture capital company EQT Ventures with contributions from HV Capital, xDeck, and notable angel investors.
Proceeds from this funding will facilitate the company’s investment in software solutions, as well as build its team to help drive the business and growth.
Based in Berlin, Germany, Packmatic offers a digital solution that connects product companies with more than 300 suppliers across Europe.
The platform, which was founded in 2021, helps customers find high-quality, adapted, and specialised packaging suppliers and prices as per their specific requirements.
The company noted that its services help customers’ packaging expenses by 16% on average.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
Besides optimising the packaging processes and limiting costs for product companies, Packmatic also helps them lower their plastic and carbon footprint.
Packmatic co-founder and managing director Matthias Geiss said: “The packaging market has long been overlooked and underserviced – packaging is integral to supply chains and yet the sourcing process is slow and disjointed, which is especially painful for SMEs [small and medium-sized enterprises].
“Packmatic’s data-driven platform delivers meaningful cost savings and efficiencies to customers, while helping them to meet their environmental goals.”