Sustainable packaging company Transcend has closed a combined £10m equity and debt investment round.

The financing, which was led by London-based private equity firm IW Capital, will facilitate the company’s mission to eliminate single-use plastics.

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IW Capital CEO Luke Davis said: “We are thrilled to have led such a significant round of investment in Transcend as it provides the disruption the packaging industry was calling out for.

“Whether it is for food service business, groceries or the PPE market, Transcend is excellently placed to help organisations replace the plastics that customers don’t want to buy, and governments are making illegal.”

Founded in 2017, Transcend specialises in developing fully compostable, paper and fibre-based packaging. It makes use of advanced digital printing techniques and speciality paper coatings.

The company is one of the leading manufacturers of paper straws for McDonald’s and KFC.

Transcend Packaging co-founder and director Gabriel Fysh said: “We’re delighted to be backed by IW Capital as we focus our efforts on becoming a global leader in sustainable packaging.

“With the current focus on sustainable packaging, shifting away from plastic and the importance of domestic supply chains in a post COVID/Brexit world, Transcend is well positioned to take advantage of this well timed investment from IW Capital, existing shareholders and our strategic partners.”

In April this year, the company repurposed its operations to produce one million face shields a week.