Renowned New Jersey headquartered compostable packaging startup TIPA Corporation., Ltd., has reportedly raised close to USD 11 million in a Series B funding round primarily led by Austin and Gabriela Hearst, proprietors of the Hearst Corporation. The firm’s existing investors are Li-Ka Shing Horizons Ventures – the venture capital fund of Hong Kong and the Israel-based agrifood technology venture capital company, GreenSoil Investments. It has been reported that so far, TIPA has raised a total of USD 25 million in funding rounds that would apparently be used for fully compostable packaging, which as per experts, may have a marginal influence on the polymers & advanced materials market.
Sources claim that TIPA’s products, apart from the F&B sector, have also formed a pivotal part of the fashion sphere, having been deployed for stand-up pouches, apparel packaging, and zipper bags. With polymer packaging serving the needs of the F&B, pharma, fashion sectors and more, experts forecast that TIPA’s investment in compostable packaging will bring forth the desired results, marking a sustainable change in polymers & advanced materials industry. TIPA’S current investor, Gabriella Hearst, popular women’s apparel and accessory designer, will apparently be the debut company to use all of TIPA’s products in its plastic packaging requirements.
As per authentic reports, TIPA aims to manufacture advanced bio-plastic materials that can be returned to nature post usage, becoming a part of the recyclable stream. Company representatives have taken to the media to explain that TIPA’s primary tech requirement is to ensure that its bio-plastic is similar to the conventional ones in terms of specific parameters, such as sealing strength, durability, shelf life, transparency, flexibility, and printability. In consequence, cite analysts, this would revolutionize the packaging domain, and by extension, would have a commendable impact on polymers & advanced materials market.
For the record, TIPA’s existing product portfolio encompasses compostable packaging for confectionery, vitamins, coffee, snacks, dried food items, and grains. Additionally, the company boasts of a popular food industry clientele, ranging from Van de Halm, Peese Snact, Ekoplaza, Shanvalley, and the Jumbo supermarket chain.