LIVERMORE, Calif.--(BUSINESS WIRE)--Please replace the photo with the accompanying corrected photo.
The release reads:
VERICOOL CLOSES $19.1M EQUITY FINANCING
Sustainable packaging leader expands capabilities
Vericool, Inc., a leading innovator and manufacturer of environmentally-friendly packaging solutions, announced today that it has closed $19.1 million in Series A Preferred Stock financing. The funding, which officially closed March 27th, will be used to meet the rapidly increasing demand for Vericool’s patented, market-leading products and increased business by customers across industries, including food service and pharmaceutical.
Vericool’s mission is to replace traditional packaging materials that pollute the environment, such as polystyrene (styrofoam). Polystyrene, used for its low-cost insulation qualities, is rarely recycled. Some experts say it can take 500 years to break down in landfill and its white pellets wreak havoc on the environment –littering beaches, roadways and being fatally ingested by marine and other wildlife.
Vericool’s innovative, cost-effective, patented and patent-pending products are made from 100% recycled paper fibers and other plant-based materials. The products are utilized to ship food and medical products that require qualified, temperature-controlled packaging. Vericool’s products are curbside recyclable and compostable, avoiding the detrimental impacts created by traditional packaging.
“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,” said Darrell Jobe, CEO and founder, Vericool. “The deal also brings to the company investors with significant experience managing and financing rapid growth. Partnering with mission-aligned investors such as Radicle Impact Partners, The Ecosystem Integrity Fund, ID8 Investments and AiiM Partners will enable us to successfully take Vericool to the next level.”
“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,” said Dan Skaff, managing partner of Radicle Impact Partners and Vericool’s new Lead Director. “Darrell’s creativity and vision for Vericool are aligned with our investment strategy of scaling businesses that are focused on diversity, equity and inclusion and deliver benefit to the environment and our communities.”
About Darrell Jobe
Darrell Jobe grew up in Richmond, California. He dropped out of school in the 8th grade, joined a gang in his teens, was homeless, and in and out of trouble. In his early 20s, he decided to change his life. Finding a job was difficult, but he eventually landed a sales position with a packaging products distributor. Having dropped out of school, he taught himself sales and engineering skills. After a highly successful sales career, he founded Vericool in 2015 after noticing the absence of environmentally-friendly packaging products.
About Vericool
Vericool was founded in 2015 with the goal to protect people and the planet by reducing the use of unsustainable packaging materials (starting with, but not limited to, expanded polystyrene foam). The company created the world’s first eco-friendly cooler in 2017 and is a leader in proprietary, patented, plant-based sustainable packaging solutions that are customizable and high-performing. Vericoolers can perform to customer-defined ASTM and ISTA standards. Vericool is committed to a diverse workforce, supporting those in need of a second chance in an effort to reduce prison recidivism. The company is headquartered in Livermore, CA.
To learn more about Vericool, visit http://vericoolpackaging.com/ or follow the company on Twitter, Facebook and LinkedIn.
Investor links
Radicle Impact Partners – http://www.radicleimpact.com/
Ecosystem Integrity Fund – http://www.ecosystemintegrity.com
ID8 Investments – http://www.id8investments.com
AiiM Partners Fund – http://www.aiimpartners.com
