The Israeli cleantech company TIPA has raised $ 4 million from the Millennium FoodTech R&D partnership. TIPA, which develops biodegradable food packaging that is a sustainable alternative to flexible plastic packaging, is the third investment of the partnership. To convert the amount of the investment into the company’s shares, in accordance with various pre-agreed conditions, according to the announcement of the Tel Aviv Stock Exchange Partnership.
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TIPA was founded in 2010 by Daphne Nissenbaum and Tal Neumann. The company employs 46 people in Europe, America, and Australia and 33 workers in Israel. Since its inception, the company has raised $ 53 million. The last round of investment was made about a year and a half ago, in which it raised $ 27 million, among others from the venture capital fund Blue Horizon and the investment bank Triodos. Other investors in the company include GreenSoil Investments and the Hearst family, owners of the American media giant Hearst. Millennium FoodTech, which is its third investment, completed two capital raisings last summer in which it raised NIS 42 million.
TIPA started selling the first generation of its products in 2017 and since then it has been increasing its sales every year, the company said.
Hanan Schneider, CEO of Millennium, said: “We believe that the packaging market will undergo a complete transformation and a transition from plastic packaging to biodegradable or recycled packaging.”
Dafna Nissenbaum, CEO of TIPA
Daphne Nissenbaum, CEO of TIPA, said: “In recent years there has been a growing storm around the heavy price we pay for the use of plastics, resulting from products of the polluting plastics industry that have grown exponentially in recent decades and are irreversibly damaging the environment. TIPA has for years developed sophisticated packaging technology that awaits the way nature packaged, organic packaging. Drop packaging provides the same specifications as required in food packaging and at the same time contains a built-in solution for the end of use – the packaging will become compost within a few months and will become a clean and sustainable resource.
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