Israeli compostable packaging company Tipa secures $ 70 investment
Israeli company Tipa, an award-winning developer of compostable packaging solutions for food and merchandise, has landed a $ 70 million investment, the company said on Sunday.
Founded in 2010, Tipa manufactures compostable packaging for fresh and dry food and for products such as clothing using a patent protected method and a blend of compostable polymers. The company claims that its environmentally friendly films and laminates mimic the properties and functionality of conventional plastic materials such as durability, barrier properties, shelf stability. The material can decompose in the soil after around 180 days, according to the company, compared to around 1,000 years for plastic bags.
The Series C funding round was led by Israeli investment firm Meitav Dash and Millennium Food Tech, an R&D investment partnership listed on the Tel Aviv Stock Exchange. Millennium invests in Israeli food and agriculture technology companies and has supported companies such as plant-based burger company SavorEat, cultured meat startup Aleph Farms and Yofix, a maker of non-prebiotic and probiotic dairy alternatives. soy and herbal.
Migdal Group Insurance and Finance also took part in Tipa’s funding round.
Tipa has raised more than $ 130 million since its inception in 2010 in the central city of Hod Hasharon by entrepreneurs Daphna Nissenbaum and Tal Neuman. The company’s investors included food-tech-focused impact fund Blue Horizon Ventures, GreenSoil Investments and Horizon Ventures, the Hong Kong-based private investment firm of business tycoon Ka-shing Li.
The company aims to tackle the environmental damage caused by the flexible plastic packaging industry for consumer goods, a market expected to reach around $ 200 billion by 2025. But around 4% of flexible plastic packaging are recycled, and Tipa has positioned itself to offer an ecological and fully compostable alternative to reduce waste.
The company said the packaging “should be part of a circular economy, where the materials produced can be reused for other useful purposes,” adding that its packaging solution “biodegrades into nourishing compost, leaving the same nutrients left behind by organic waste. “
Tipa already works with a number of companies around the world such as fashion brands Scotch & Soda and Stella McCartney, and UK supermarket chain Waitrose. This summer, the company signed an agreement with Swiss packaging company Amcor, one of the largest in the world, to manufacture its compostable packaging in Australia and New Zealand.
“We are seeing a growing enthusiasm around the world for the compostable packaging program and the solutions it provides,” Nissenbaum said in July. “Where recycling cannot recover flexible films and food-contaminated packaging, compostable packaging can meet the challenge. We rely on brands to recognize consumer demand for compostable packaging.
Tipa has won many accolades in recent years. In 2019, he was named to the World Economic Forum’s ‘Technology Pioneers’ list and won an award that same year at the FT / IFC Transformational Business Awards in London, the established impact-driven awards program. by the World Bank’s International Finance Corporation, and Le Temps Financier.
The company operates in a growing Israeli climate technology sector that attracted more than $ 2.2 billion in investments during the year 2021. Climate technology is an umbrella term that includes clean energy technologies , transportation, water treatment, food manufacturing, waste reduction and procurement. chain improvements.