Reusable packing company Vytal has raised €6.2 million in a growth financing round, bringing the company's funding to over €18 million.
Over 60 billion single-use food and drink containers are wasted annually in the EU and regulations such as the EU Packaging and Packaging Waste Regulation require a shift to full lifecycle sustainability.
Vytal’s technology platform is replacing single-use packaging with innovative reusable solutions for businesses including corporate and university campuses, business districts, airports, city centres, shopping malls, trade fairs, festivals, events and entertainment venues.
The company also operates an open system of reusable packaging across restaurants and canteens in 17 countries, allowing consumers to borrow and return high-quality reusable containers from and to thousands of partner locations for free.
Emerald Technology led the funding, through its Sustainable Packaging Innovation Fund, with participation from Ventis. Existing investors Kiko Ventures, Grazia Equity and Rubio also contributed.
The new funding enables Vytal to accelerate its efforts in transforming the packaging industry, by expanding into new marketers and further developing its software and data-driven offerings.
Dr. Tim Breker, Co-Founder & Managing Director of Vytal, said:
" Transforming the packaging industry towards circularity is a massive business opportunity and Vytal’s technology platform is positioned to win.
We have established ourselves as thought leaders in the field and are looking forward to accelerating our collaboration with various industry partners.
We understand the conditions under which reuse outperforms single-use and focus on leveraging software and data to maximise the economic benefits of reusables for all our customers and across use cases.”
Fredric Petit, Partner at Emerald Technology Ventures, said:
“The Vytal management team has combined great visionary and strategic thinking with strong execution power. ”
Vytal recently launched VyEES (VYTAL Events & Entertainment Solutions GmbH , a wholly-owned subsidiary aimed at extending its reusable packaging solutions to the events and entertainment industry. Customers of VyEES include the Berlinale, the Online Marketing Rockstar “OMR” Festival and the Cruilla Music Festival in Barcelona.
Lead image: Vytal. Photo: uncredited.
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