Vericool, a Livermore, Calif.-based developer of sustainable cold chain packaging, closed a $5m funding round.
The round was led by packaging investor and innovator BillerudKorsnäs AB investment company BillerudKorsnäs Venture AB. Under the terms of the raise, BillerudKorsnäs AB will hold one seat on the Vericool board of directors.
The funding will be used for capacity expansion to meet increasing demand from customers in meal subscription and pharmaceutical/life sciences industries and to expand operations in California, the Midwest and on the East Coast.
Led by Darrell Jobe, CEO, Vericool delivers sustainable packaging that aims to protect products, people and the environment. The company’s Vericoolers® are compostable insulation and recyclable cold chain packaging and represent a safe replacement of Styrofoam.
Users of Vericool products include leading companies in the pharmaceutical, biosciences and food kit subscription industries that ship temperature-sensitive goods.