It’ll take a big container to hold the latest cash haul for local packaging manufacturer TemperPack Technologies.
The company, which makes insulated packaging materials for home deliveries of food and medicine, recently completed a $31.3 million capital raise. It will invest the money in its production facilities both here and in Las Vegas.
New equipment will allow the Henrico County-based company to increase production of its patented ClimaCell thermal liners, a plant-based and curbside recyclable packing material. It expects to be able ramp up production by an additional 60 percent and expand into new regions. It expanded into Europe late last year.
The coronavirus pandemic gave the company a boost as consumers came to utilize home deliveries of food and medicine more frequently to minimize exposure to the virus, increasing a trend that was building prior to the pandemic.
“A lot of folks are stuck at home and trying to limit grocery store visits,” CEO Brian Powers said. “It really just accelerated our plans.”
TemperPack was founded by Powers, CPO James McGoff and CTO Charles Vincent in 2015. The company’s clients include healthcare and food delivery businesses such as Diplomat Specialty Pharmacy and HelloFresh.
The company has a 200,000-square-foot manufacturing facility at 4447 Carolina Ave. and another 150,000 square feet in Las Vegas. The 220-person company recently moved its headquarters into its local manufacturing facility, turning its Clopton Siteworks office at 2804 Decatur St. over to research and development.
Wheatsheaf Group, a British food and agricultural investment firm tied to the Grosvenor Estate, led the investment group in the latest capital raise. Other participants in the round included SJF Ventures, Tao Capital, Greenhouse Capital, Revolution Growth, Arborview Capital, Third Prime Capital and Harbert Growth Partners.
The company has raised a total of $78 million through investors. It closed on a $13 million raise late last year.