Packaging industry manufacturing technology provider PulPac has secured additional funding to speed up the commercialisation of its sustainable packaging technology.
The new funding round saw the company raises $1.2m in additional capital from existing investors, taking its total raised equity to $7.1m.
Additionally, PulPac secured financing from a Nordic Bank, Nordea, adding more than $1.4m to facilitate the procurement of advanced Dry Moulded Fibre equipment.
The company will work on establishing secured partnerships and investments across the supply chain as part of efforts to accelerate the technology’s industrialisation.
PulPac CEO and one of the inventors of the technology Linus Larsson said: “On a global market, eager to find viable and affordable alternatives to single-use plastics, the Dry Moulded Fibre technology offers sustainability with maintained or in some cases even better margins.
“This additional investment allows us to accelerate and meet ever-increasing demand for the technology.”
Dry Moulded Fibre is a manufacturing technology of cellulose moulding without water, designed for developing fibre-based packaging and single-use products that are low cost, support circular economy and deliver high performance.
Through this technology, brands and packaging manufacturers can switch to sustainable and cost-competitive alternative against single-use products presently made of plastics. It also helps reduce CO2 emissions.
Dry Moulded Fibre is currently available on license to converters and brands have their own production.
The company noted that it has co-operation and licensing agreements in place with several selected customers.