Grosvenor Food & AgTech portfolio company TemperPack Technologies has closed on $140 million of new equity financing. TemperPack produces a plant-based alternative to polystyrene and bubble wrap, providing a powerful and sustainable insulation solution for cold chain packaging.

The investment round, which included Grosvenor Food & AgTech, was led by the sustainable investing business within Goldman Sachs Asset Management. The funding will expand TemperPack’s capacity for protective materials technologies, grow its geographic footprint and extend its customer reach.

TemperPack, of Richmond, Virgina, U.S has experienced rapid growth in recent years, driven by strong demand for its patented ClimaCell® thermal liners. ClimaCell is the leading sustainable alternative to expanded polystyrene (EPS, Styrofoam®) for the shipment of perishable foods, pharmaceuticals, and other life science products.  

With more than 50 million shipments of its recyclable packaging ClimaCell made in the last five years, TemperPack’s packaging protects products and the Earth. The company helped avoid 29,483 tonnes of CO2 emissions in 2021, the equivalent of 6,413 cars being taken off the road for a whole year. 

Traditional packaging waste represents one-third of all municipal rubbish, costing local governments billions each year in disposal costs. TemperPack’s protective liners and box can be easily disposed of in a curbside waste recycling bin where it can be managed alongside cardboard and, like other corrugated papers, 93% of the paper content is reused up to seven times.

Last year alone, customers choosing TemperPack’s products helped divert 122 Olympic swimming pools worth of plastic from landfill and reduced water consumption on a unit of output basis by 24% compared to polystyrene.