Pyfera Growth Capital has led an oversubscribed Series A funding round for the Vancouver-based packaging company totalling C$3.9 million
Evanesce Packaging Solutions expands its presence in the food industry with a new mass-produced compostable line of straws. The company, which is backed by Pyfera Growth Capital, closed its Series A and said the capital injection will allow the construction of a plant with the potential to produce 1 billion units annually. Evanesce plans to start production in the third quarter of 2021.
The oversubscribed round closed at C$3.9 million, which brings Evanesce’s total financing to over C$7 million.
The new Evanesce range of compostable straws enters the market at a time when 80 million tons of packaging waste is generated in the US each year and the world’s oceans are overflowing with plastic.
Evanesce currently produces eco-friendly compostable food containers made with plant-based by-products, which fully decompose in 90 days, and have a shelf life of more than two years.
Already in use by leading coffee brands, convenience stores, and foodservice companies through a joint venture agreement, Evanesce’s modified Polylactic Acid (PLA) straws are on par or cheaper than paper straws, and it claims products offer significantly improved durability.
“As Earth Day approaches, we can’t ignore the 500 million straws used in the U.S. every day or how Styrofoam makes up 30% of landfill content taking 500 years to decompose,” said Douglas Horne, founder and chief executive of Evanesce Packaging Solutions.
Horne noted the EU, Canada, certain US states, and other countries have stepped up to ban single-use plastics this year. ” Consumers want cost-effective environmentally conscious packaging creating a greater need than ever before for industries to adopt greener packaging,” he said.
Evanesce plans to launch its own patented solution later this year and claims the solution will be a game-changer for supermarkets, foodservice companies, and food processors to reduce their packaging costs while meeting increasing environmental regulations and public demand for more sustainable solutions.
The company’s proprietary starch and fibre-based meat and meal trays are approximately half the cost of leading eco-friendly tray alternatives and are expected to be available in mass scale early next year.
“As a newer packaging manufacturer, we’ve had the chance to observe and identify what’s slowing sustainable packaging adoption in multiple industries and deliver the right solution that can make a real impact,” said Horne. “To start, our goal is to tackle the root problems by creating affordable, usable solutions that help accelerate the adoption of sustainable packaging in one of the biggest contributing industries to packaging waste in landfills, oceans, and elsewhere,” he concluded.
Date published: 20 April 2021