Vericool, the developer of Vericoolers—high-performing, sustainable cold chain packaging that performs as well as Styrofoam—has closed $5 million in funding.
The latest round of funding will be used for capacity expansion to meet increasing demand from clients in pharmaceutical/life sciences industries and to expand operations in California, the Midwest and on the East Coast.
Vericoolers are a viable alternative to polystyrene (EPS), also known as Styrofoam, which experts say can take 500 years to decompose. Recycling of non-biodegradable EPS is difficult and expensive.
With the thermal performance, reliability and low-cost of Styrofoam, but none of the harmful environmental effects, Vericoolers safely and sustainably ensure that food, medicines and other temperature-sensitive products stay cool from packaging to receipt.
”Within the cold chain segment, for decades there has been a need to find products that can replace fossil fuel-based packaging solutions,” said Anders Persson, BillerudKorsnäs Venture managing director. “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.”
“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 companies in the pharmaceutical, biosciences and food kit subscription industries that ship temperature-sensitive goods.
Vericool has moved from concept to performance verification on its patented and patent-pending products. The company’s solutions are now positioned to meet growing cold chain shipping needs, particularly in the food delivery sector, a $30 billion opportunity that is projected to reach $210 billion over the long term, according to Morgan Stanley.
To learn more about the differences between Styrofoam and Vericool packaging, watch this video.
Visit www.vericoolpackaging.com for more details.
