Eco-friendly packaging company Thermolab Korea raises KRW 3 billion in Series A funding
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South Korea-based eco-friendly packaging company Thermolab Korea announced today that it has raised a Series A funding totaling KRW 3 billion. This brings the total cumulative funding to KRW 9 billion.
Existing investors BeHigh Investment and Hana Securities participated in the round, and an additional KRW 2.5 billion was raised from the ESG Green Process Transformation Policy Fund of Korea Credit Guarantee Fund.
Thermolab Korea reportedly achieved sales of about 12 billion KRW last year, doubling its growth from 2021. In particular, the ‘EcoLiner’ sold this year is an eco-friendly shipping box that can replace Styrofoam boxes, and is the first technology in Korea to develop paper insulation using waste paper and apply it to shipping boxes. It has better thermal conductivity than Styrofoam, an existing insulation material, and since the insulation material is composed of 99% paper, both the outer delivery box and the inner paper insulation material can be separately disposed of as paper, which is eco-friendly and reduces carbon emissions.
A representative from BeHigh Investment said, “EcoLiner is the only alternative technology to Styrofoam boxes in Korea. This investment is a preemptive response to further volume expansion, and aims to ▲ secure additional automated production facilities with a CAPA of 200,000 sets/month ▲ expand a new factory of 1,000 pyeong and have production infrastructure ▲ establish its own delivery and logistics infrastructure. We decided to make this investment because we believe that EcoLiner will be a key production facility to replace Styrofoam boxes in the last mile market in the medium to long term.”
Choi Seok, CEO of Thermolab Korea, said, “This year, we will start exporting to the United States to check the market response and plan to expand overseas sequentially, focusing on countries with high demand for cold chain. As we have been recognized for our growth and future value, we plan to accelerate our organic growth by investing in volume expansion and entering new markets.”
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