Livermore, California-based Vericool, developer of Vericoolers—high-performing, sustainable cold chain packaging that the company says performs as well as Styrofoam—has closed $5 million in funding. The round was led by packaging investor and innovator BillerudKorsnäs AB’s investment company BillerudKorsnäs Venture AB. The latest round of funding will be used for capacity expansion to meet increasing demand from customers and expand operations in California, the Midwest and on the East Coast, according to the company.
Recyclable and compostable Vericool products keep cold products cold up to the critical 96-hour range. Users of Vericool products include pharmaceutical, biosciences and food kit subscription companies that ship temperature-sensitive goods.
Vericool says its Vericoolers are the best alternative to polystyrene (EPS), or Styrofoam, which experts say can take 500 years to decompose. And recycling the non-biodegradable EPS is difficult and expensive.
“Within the cold chain segment, for decades there has been a need to find products that can replace fossil fuel-based packaging solutions. Vericool’s market disruptive products are examples of such, which goes completely with what we work for within BillerudKorsnäs,” said Venture Managing Director Anders Persson. “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.”
Vericool says it has moved quickly from concept to performance verification on its patented and patent-pending products, which are now positioned to meet growing cold chain shipping needs, particularly in food delivery sector.