Diageo-backed sustainable packaging firm announces £25m funding round
A pulp bottle company backed by global drinks brand Diageo has undergone a successful investment round which will enable it to scale production of its bottles.
The wood pulp bottle producer Pulpex today (3 July) confirmed its series C fundraising comprised between £20m and £25m of additional investment.
It is hoped the funding will fuel the production and supply of over 2b paper bottles to consumer brands worldwide by 2028.
Pulpex manufactures its bottles in Cambridgeshire from 90%+ sustainably sourced fibre
The investment round brought together leaders in sustainability, including CMPC, a Chilean pulp and paper company which, according to Forbes Global 2000 2018, is one of the largest in the world.
Other backers have invested alongside Pulpex's existing shareholders, including Diageo and venture management company Pilot Lite Capital.
Pulpex chief executive, Scott Winston, said the investment marked another "inflection point" in the changing packaging landscape.
He added: "It also provides a viable alternative that is available globally and has all of the recycling, sustainability and environmental benefits that fibre packaging naturally brings.
"Our technology will enable and accelerate the availability of sustainable fibre packaging for our major brand customers and their packaging suppliers, in turn enabling them to meet consumer demand for more sustainable packaging and helping them to meet their carbon reduction goals for 2030."
Felipe Alcalde, chief competitiveness and innovation officer at CMPC, said: "We are very excited to be partnering with Pulpex and have an enthusiastic, dedicated team of technical, strategic and commercial experts to support Pulpex's growth to industrial scale, maximising the many synergies to develop more sustainable products based on our pulp."
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