Vericool, a California-based startup that produces plant-based products to replace plastic cooler and packaging, has raised $19.1 million in a new funding round. The new round has been led by Radicle Impact Partners along with other investors including The Ecosystem Integrity Fund, AiiM Partners, and ID8 Investments.
In the new deal, it has also been decided that Dan Skaff, the Managing Partner of Radicle Impact Partners is joining Vericool as the new lead Director.
According to Vericool, the platform aims to bring the plant-based insulating packaging materials in the replacement of traditional packaging materials like polystyrene (Styrofoam) as it pollutes the environment. The firm also noted that it uses 100% recycled paper fibers and other plant-based materials to produce its products which are innovative, cost-effective, curbside recyclable and compostable. Its products can be used to ship food and medical products that require qualified, temperature-controlled packaging.
Darrell Jobe, the Founder and CEO of Vericool states, “We are happy to announce the closing of our equity financing. This is a transformative event for Vericool and solidifies us as the industry leader in sustainable thermal technology. Our cost-effective, patented products outperform polystyrene and can be used for many applications and customers. This new capital enables us to rapidly penetrate and support the exploding market for these environmentally-friendly solutions.” He adds, “The deal also brings to the company investors with significant experience managing and financing rapid growth.”
Dan Skaff, the new Lead Director states, “We’re pleased to support Vericool because of the company’s track record of innovation, high-performance products, well-established patent portfolio and focus on environmental resilience. We are inspired by the company’s social justice commitment to address recidivism and provide workplace opportunity to formerly incarcerated individuals.”