TIPA Raises $70M, Marking a Breakthrough in Combatting Plastic Waste
- The company has successfully brought its breakthrough technology to market and has positioned itself as a world leader in the field. TIPA’s products are used by some of the world’s largest brands and retailers in food and fashion industries in Europe, the U.S., and Australia.
- The company has raised $70 million as part of its growth phase and is expected to further expand its operations in the different territories where it operates, launch new products lines, and expand into additional markets in order to continue posting itself as a global leader, leading the transition to compostable packaging to replace non-recyclable plastic.
- TIPA’s landmark packaging innovation is able to emulate the robust properties of conventional and offer the same functional properties of plastic in protecting food and other goods. Yet, at its end-of-life, the products decompose and return to nature via composting, just like an orange peel, leaving zero waste behind.
- The company’s technology addresses a $103 billion industry of consumer flexible plastic packaging, while less than 4% is recycled worldwide.
- TIPA raised $70 million in their round C, led by Millennium Food-Tech and Meitav Dash, who invested together $30 million. The Strategic and financial investors include Migdal Group Insurance & Finance, and additional international investors.
Together with their current round of funding, TIPA - a pioneer of high-performance compostable packaging solutions has raised $130 million to date. Their technology has generated global interest in light of commitments made by the majority of global brands and retailers such as PepsiCo, Mars, Nestle, Walmart to transition to “100% reusable, recyclable, compostable plastic packaging by 2025.”
The company focuses on the $103 billlion market of consumer flexible plastic, while the vast majority of these packages are not fit for recycling, and less than 4% is recycled globally. Consumer flexible plastic also makes 70% of ocean plastic, and is the most littered plastic-type, much due to the lack of any recycling/economic venues for such packages post-usage.
Foreseeing the massive growth in the market demand for compostable packaging, to replace hard-to-recycle plastics, TIPA has developed a wide range of patent-protected packaging solutions for applications such as fresh produce, fresh bakery, dry food, and apparel packaging. Multiple brands and retailers in the food and fashion industries have adopted TIPA’s solutions including Waitrose, Woolworth, Riverford Organic Farmers, Pangaia, and Scotch & Soda among many others.
TIPA is also engaged in multiple strategic partnerships with industry leaders in its supply chain. It recently signed a partnership agreement with AMCOR, the world's largest plastic packaging manufacturer. The partnerships aim to provide compostable packaging solutions for the packaging market in Australia and New Zealand.
Daphna Nissenbaum, CEO of TIPA: “Our encounter with plastic packaging waste in our everyday lives has become a constant alarming reminder of the crisis we face as humanity. New solutions that move beyond plastic and beyond the failure of the recycling industry are required to solve this crisis. In recent years, we have witnessed a sharp increase in the demand for sustainable packaging solutions from consumers, while compostable packaging solutions repeatedly are ranked as the No. 1 choice of consumers around the globe. TIPA’s packaging offers an answer for brands and consumers who want functional, sustainable, and organically recyclable substitutes for packaging that leave no waste behind. This round of funding is designated to support the company’s rapid growth and to enable a broader response to the growing market demand and continue to position TIPA as a world leader in compostable packaging solutions.”
The preceding press release was provided by a company unaffiliated with Packaging Impressions. The views expressed within do not directly reflect the thoughts or opinions of Packaging Impressions.