US-based cold chain packaging company TemperPack Technologies has secured $140m in its latest equity financing round.
The funding round was led by Goldman Sachs Asset Management’s Sustainable Investing unit.
Existing TemperPack investors, including Grosvenor Food & AgTech, Harbert Growth Partners, Tao Capital Partners, Revolution Growth, SJF Ventures and Arborview Capital, also contributed funding.
TemperPack Technologies will use this funding to add to its protective materials capacities and expand its geographical presence and consumer reach.
TemperPack chairman and CEO Bob Beckler said: “We are absolutely thrilled to partner with Goldman Sachs to accelerate our growth and diversify our offering of innovative, sustainable high-performance protective materials.
“As TemperPack grows, we increase the beneficial impact for consumers, our customers, and our planet.”
Goldman Sachs Asset Management managing director Jeff Possick said: “Goldman Sachs is committed to partnering with outstanding businesses that help drive sustainability.
“TemperPack has demonstrated an ability to lead in the cold chain materials space with much-needed sustainable solutions.
“We’re excited to invest in TemperPack’s growth to accelerate the development of technologies that disrupt the use of conventional single-use plastics.”
JP Morgan Securities acted as exclusive placement agent to TemperPack for the transaction.
Founded in 2015, TemperPack Technologies manufactures sustainable thermal insulation for cold chain packaging for food and life sciences products in the US.
Driven by demand for its patented ClimaCell thermal liners, the company has experienced considerable growth in recent years.
ClimaCell is designed to act as a sustainable alternative to expanded polystyrene (EPS) for transporting perishable foods, pharmaceuticals and other life science products.
In addition to being non-toxic and kerbside-recyclable, the solution is said to reduce plastic waste and carbon emissions.
US-based grocery chain Albertsons and speciality pharmacy OptionOne Pharmacy are among the companies to have used ClimaCell for pharmaceutical shipments.