TemperPack secures $140m round led by Goldman Sachs

By Drew Hansen | Richmond Inno

Richmond’s TemperPack Technologies Inc., a maker of sustainable packing products, has secured $140 million in new equity financing led by Goldman Sachs Asset Management.

It’s the largest funding round for a Richmond-area company in at least two years, according to Crunchbase data.

The round of funding announced Tuesday also includes participation from existing TemperPack investors Grosvenor Food & AgTech of the U.K., Birmingham, Alabama’s Harbert Growth Partners, San Francisco’s Tao Capital Partners, D.C.’s Revolution Growth, Durham, North Carolina’s SJF Ventures and Chevy Chase, Maryland’s Arborview Capital.

TemperPack said it would use the funding to expand its capacity, grow its geographic footprint and extend its customer reach. The company’s flagship ClimaCell product is an insulation material that replaces Styrofoam coolers for use in shipping food and life sciences products. The company says the product reduces plastic waste and carbon emissions. The ClimaCell product has spurred significant growth for TemperPack, especially in the last two years as Covid-19 increased demand for delivery services. Clients include HelloFresh and UPS Healthcare.

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