Horizon Technology Finance led a $30 million venture loan facility for TemperPack Technologies. Horizon Technology Finance funded $7.5 million of the initial $15 million draw and an investment vehicle managed by Horizon Technology Finance Management, Horizon Technology Finance’s advisor, funded $7.5 million. TemperPack will use the loan proceeds for growth and general working capital purposes.
TemperPack manufactures sustainable insulated packaging for perishable last mile deliveries. Its customers include meal kit, frozen food and life science companies. TemperPack’s flagship product is the ClimaCell thermal liner, which provides a curbside recyclable alternative to expanded polystyrene foam, often known as Styrofoam. Revolution Growth, Wheatsheaf Group, SJF Ventures, Arborview Capital and Harbert Growth Partners are among TemperPack’s investors.
“With the rapid acceleration of e-commerce in food, beverage and pharmaceutical product delivery, TemperPack’s economical, environmentally-friendly insulation solutions offer companies a sustainable and optimal alternative to cold chain packaging,” Gerald A. Michaud, president of Horizon Technology Finance, said. “We are excited to support TemperPack as it continues to manufacture sustainable and fully recyclable cold chain packaging for an increasingly growing market.”
“We appreciate Horizon’s confidence in our ability to offer a high-value packaging solution to the rapidly growing perishable e-commerce market,” Brian Powers, CEO of TemperPack Technologies, said. “Our patented ClimaCell liners allow food and life science companies to protect their products without unnecessary plastic waste. They offer performance on par with plastic foam and are curbside recyclable. Horizon’s investment will enable us to accelerate our growth and serve more customers. We’re excited and ready to get to work.”
Horizon Technology Finance is a specialty finance company that provides capital in the form of secured loans to venture capital-backed companies in the technology, life science, healthcare information and services, and sustainability industries.
