Impacked secures US$2.5M in seed funding round to scale operations
US – US-based primary packaging provider Impacked has raised US$2.5 million in a seed funding round to ‘transform and advance’ the global packaging industry.
The latest funding round was led by venture capital firm TenOneTen Ventures, bringing the total funding raised to US$3.3 million.
Impacked will use the proceeds from the funding to add more primary packaging suppliers to its platform in North America and Europe.
In addition, the company plans to improve its current product ranking system, which scores every product on its database across a standard set of sustainability criteria.
Impacked co-founder and CEO Lisa-Marie Assenza said: “This round of funding underscores Impacked’s mission to create a business-to-business (B2B) marketplace that transforms and advances the global primary packaging industry for the better.
“As a former global brand manager at Unilever leading product innovations, sourcing primary packaging was one of the biggest bottlenecks in my product launch process.
“While 73% of those who influence B2B purchasing decisions are digital-native millennials like myself, the packaging is one of the few remaining industries that still operates largely offline.”
Lisa-Marie further added: “Impacked is built for the modern buyer, by the modern buyer — it’s the online marketplace I wish existed years ago.
“With timelines for product innovation accelerating, Covid-19 driving a shift to digital channels, and consumers, governments, and retailers recognizing the role packaging plays in the health of our planet, our industry needs a better way to connect and collaborate — now more than ever.”
Impacked claims to be the first venture-backed B2B marketplace to focus on simplifying primary packaging sourcing.
The company’s tools aim to enable suppliers to improve sales and marketing while allowing brands to search, filter, sample, quote and buy packaging.
By focusing on packaging, the company joins a huge number of companies flowing into this space at the moment, biting off different slices of the market.
For instance, Olive is focusing on reusable packaging, while UK’s Magical Mushroom Company is exploring mycelium-based to replace plastic packaging, reports Techcrunch.
Impacked’s ultimate goal is to “source every primary package on the planet, for the planet,” creating an ecosystem for packaging that will, the company claims, foster greater connectivity and collaboration between brands and suppliers in the packaging industry.
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