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Horizon Technology Finance Leads $30MM Venture Loan for TemperPack

May 11, 2021, 08:00 AM
Filed Under: Manufacturing

Horizon Technology Finance led a $30 million venture loan facility to TemperPack Technologies, Inc., of which Horizon funded $7.5 million of the intial $15 million draw and an investment vehicle managed by Horizon Technology Finance Management LLC, Horizon's advisor, funded $7.5 million.
TemperPack manufactures sustainable insulated packaging for perishable last mile deliveries. Its customers include leading meal kit, frozen foods, 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®. Prominent investors in TemperPack include Revolution Growth, Wheatsheaf Group, SJF Ventures, Arborview Capital, and Harbert Growth Partners. TemperPack will use the loan proceeds for growth and general working capital purposes.

"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," said Gerald A. Michaud, President of Horizon. "We are excited to support TemperPack as it continues to manufacture sustainable and fully recycleable 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," said Brian Powers, Chief Executive Officer of TemperPack. "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."

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