Fresh off expansions both locally and in the desert, a local packaging startup has hauled in eight figures’ worth of new capital.
TemperPack closed on a $13 million capital raise on Dec. 10. The nearly 5-year-old startup offers recyclable packaging materials meant to replace Styrofoam and other wasteful products that keep shipped goods cold. Meal kit delivery and pharmaceutical companies are common types of clients for the company.
TemperPack’s offices are located at Clopton Siteworks in South Richmond. It also has a warehouse near Richmond Raceway at 4447 Carolina Ave., which is set to be sold to California-based Prologis Inc. The company has another warehouse in Las Vegas.
CEO Brian Powers said they added to their square footage at both warehouses in October, going from 150,000 square feet to 200,000 in Richmond, and from 75,000 square feet to 150,000 in Nevada.
“We raised more capital to increase our capacity in Richmond and Las Vegas, and to further develop our product lines focused on the life sciences industry,” Powers said in an email this week. “We’re seeing a lot of growth with life sciences customers, in addition to continuing to grow rapidly in food.”
The capital raise opened Nov. 25 and included contributions from 25 investors, per SEC documents.
TemperPack is among the Richmond region’s more well-funded startups, having raised over $48.3 million in investor capital since its founding. In early 2019, it closed on a $22.5 million investment.
When local printing company Colortree Group abruptly ceased operations in June, TemperPack was among several firms to reach out to Colortree’s 240 laid-off employees and wound up hiring at least a dozen.
As 2019 draws to a close, there’s been a flurry of local companies in various industries closing on investment deals, including ice cream maker O’My Dairy Free Gelato, social club Common House, insurance startup Fenris Digital and Hardywood Park Craft Brewery.