Vericool Raises External Capital Led by Sustainable Packaging Leader BillerudKorsnäs
Vericool to Expand Manufacturing of Recyclable and Compostable
Cold Chain Packaging for Pharma and Food Kit Industries
LIVERMORE, Calif.–(BUSINESS WIRE)–Vericool, developer of the Vericoolers®—the only high performing,
sustainable cold chain packaging that performs as well as Styrofoam,
announced today that it has closed $5 million in funding. The round was
led by packaging investor and innovator BillerudKorsnäs AB investment
company BillerudKorsnäs Venture AB. The latest round of funding will be
used for capacity expansion to meet increasing demand from customers in
meal subscription and pharmaceutical/life sciences industries and to
expand operations in California, the Midwest and on the East Coast.
Vericoolers are the best alternative to polystyrene (EPS), known as
Styrofoam, which experts say can take 500 years to decompose. Recycling
of the non-biodegradable EPS is difficult and very expensive.
”Within the cold chain segment, for decades, there has been a need to
find products that can replace fossil fuel-based packaging solutions.
Vericool’s market disruptive products are examples of such, which goes
completely with what we work for within BillerudKorsnäs. Together we
intend to build tomorrow’s sustainable packaging solutions and through
an expanded offer with alternatives to polystyrene, we will continue to
challenge conventional packaging for a sustainable future,” said
BillerudKorsnäs Venture Managing Director Anders Persson.
“With a strong focus on sustainability and innovation, BillerudKorsnäs
is a great partner and investor for Vericool. They have experience and
insight into how important truly sustainable packaging is for companies,
people and the planet,” said Darrell Jobe, CEO of Vericool.
“Increasingly, we are speaking with executives who recognize that
Styrofoam damages our planet—it’s already being banned in cities around
the world—and, ultimately, creates environmental and business risk for
companies today and in the future. Vericoolers solve their cold chain
packaging problems.”
Recyclable and compostable Vericool products keep cold products cold up
to the critical 96-hour range. Users of Vericool products include
leading companies in the pharmaceutical, biosciences and food kit
subscription industries that ship temperature-sensitive goods.
Vericool has quickly moved from concept to performance verification on
its patented and patent-pending products. The company’s innovative
solutions are now perfectly positioned to meet growing cold chain
shipping needs, particularly in food delivery sector, a $30 billion
opportunity that is projected to reach $210 billion over the long term,
according to Morgan Stanley.
Under the terms of the raise, BillerudKorsnäs AB will hold one seat on
the Vericool board of directors.
To learn more about the differences between Styrofoam and Vericool
packaging, watch
this video.
About Vericool, Inc.
Based in Livermore, Calif., Vericool delivers sustainable packaging that
protects products, people and the planet. RecyclapostableTM –
recyclable and compostable – Vericoolers® are the only high performing
100% compostable insulation and recyclable cold chain packaging in the
market, making them the safest replacement for Styrofoam. Patented and
patent-pending Vericoolers are cost-effective and reliable, ensuring
that food, medicines and other temperature sensitive products stay cool
from packaging to receipt. Customizable and high-performing, Vericoolers
can perform to customer-defined ASTM and ISTA standards.
Vericool is all about delivering second chances for people and companies
to do the right thing for the planet. Those that get it—Vericooler it.
To learn more about Vericool, visit www.vericoolpackaging.com
or follow the company on Twitter,
Facebook
and LinkedIn.
About BillerudKorsnäs AB
BillerudKorsnäs provides packaging materials and solutions that
challenge conventional packaging for a sustainable future. We are a
world-leading provider of primary fibre based packaging materials and
have customers in over 100 countries. The company has 8 production sites
in Sweden, Finland and the UK and about 4300 employees in over 13
countries. BillerudKorsnäs has an annual turnover of about SEK 22
billion and is listed on Nasdaq Stockholm. www.billerudkorsnas.com.
For more information, please contact: Anders Persson, Managing Director
of BillerudKorsnäs Venture, +46 (0)76-776 13 88, anders.persson@billerudkorsnas.com
Makovsky for Vericool
Loretta Prencipe
lprencipe@makovsky.com
