Cleantech startup Tipa acquires Bio4Pack in $8 million deal
Cleantech startup Tipa acquires Bio4Pack in $8 million deal
The Israeli startup is purchasing the European compostable packaging company to expand its portfolio
Tipa Compostable Packaging is acquiring Bio4Pack, a European compostable packaging company. The financial terms of the deal were not revealed, but according to market estimates Tipa paid $8 million for the German company.
Tipa raised $70 million in a Series C funding round, led by Millennium Food-Tech and Meitav Dash, in January 2022. The Israeli cleantech company founded in 2010 by Daphna Nissenbaum and Tal Neuman, has raised $130 million in total since it was founded. Among the company's investors are the likes of Hong Kong business magnate Li Ka-Shing's Blue Horizon Ventures, the Hearst family, and GreenSoil Investments.
Tipa develops and manufactures flexible compostable packaging that turns into compost within a few months, providing a full circular solution for flexible plastic waste. According to Tipa, its packaging mimics the high-end properties of conventional plastic packaging such as strength, machinability, transparency, and shelf life - but leaves zero waste behind.
“There is a great value and strength in cooperating with other players in the sustainable packaging solutions industry. The acquisition of Bio4Pack enables us to expand our existing expertise and portfolio and continue to grow TIPA’s custom packaging solutions,” said Tipa CEO Daphna Nissenbaum.
Patrick Gerritsen, Bio4Pack CEO, added: "It is an honor to be acquired by Tipa, as this company is well-known throughout Europe - and around the world - for their innovative packaging. With both companies’ extensive experience in this field, I am confident we will be able to significantly reduce plastic pollution on Earth.”
