Pulpex, a sustainable packaging manufacturer backed by drinks giant Diageo, is set to unveil a new round of funding to bolster its production line.
According to Sky News, Pulpex will announce it has secured between £20mln and £25mln of additional investment in a Series C fundraising from investors including CMPC, a global pulp and paper company.
First formed in 2020, Pulpex uses sustainably sourced wood pulp and even created the first Johnnie Walker whisky bottle made entirely from paper-based products in 2021.
Funds raised will be used to create a commercial-scale production line which is capable of producing up to 12.5mln paper bottles a year at a site in Cambridgeshire.
Pulpex, which was created out of a collaboration between Diageo and venture management company Pilot Lite, also has plans to establish additional capacity in unspecified locations globally via deals with licensed manufacturing partners.
"Our technology will enable and accelerate the availability of sustainable fibre packaging for our major brand customers and their packaging suppliers, in turn enabling them to meet consumer demand for more sustainable packaging and helping them to meet their carbon reduction goals for 2030,” said chief executive of Pulpex Scott Winston.