IW Capital has invested £10 million in Transcend Packaging, to advance the UK company’s goal of replacing single-use plastics with paper-based alternatives.
Founded in 2017, Transcend Packaging uses digital printing and specialty coating technology, said to allow paper straws, cups, and food containers to fully replace their plastic counterparts.
According to Transcend, the capital will be used to accelerate its expansion plan into new product categories and to capitalise on changes in consumer preferences and legislation. These include bans on plastic straws and other single-use plastics taking effect in the UK from October 2020, and in the EU not long after. The company also plans to add to its workforce.
Recent innovations by Transcend, targeting the replacement of single-use plastic with a more sustainable option, have included developing a PPE face visor which has received the Plastic Free trust mark from A Plastic Planet.
“We had huge demand from our investor base to support a business with such a clear growth trajectory that is also helping to combat environmental issues moving forward,” said Luke Davis, CEO of IW Capital.
“This is an example of the way in which ESG investment is becoming the right thing to do financially as well as morally. We are incredibly excited to be able to support such a great company with a brilliant management team already in place.”
Lorenzo Angelucci, CEO of Transcend, added: “We are proud to have such a strong partner as IW Capital join our team. We believe this validates the path we set upon in 2017 to build a global leader in sustainable packaging. We have a long path ahead of us, but with our new partner, we are sure to have the support we need build our vision.”
© FoodBev Media Ltd 2024