Creapaper successfully completes its EUR 20m Series B financing round, 2021PORTFOLIO NEWS
Creapaper successfully closes its series B EUR 20m financing round, welcoming JS Capital, Ranpak, Schusterman Family Investments, Soros Capital and the EIC Fund as new shareholders. Creapaper’s early investor eCAPITAL co-invested in this financing round B.
Creapaper uses a patented process to produce the graspap, a raw material required for producing grasspaper, which helps reduce CO2 emissions and water consumption in the global paper & packaging industry. Creapaper has already developed and placed CO2-saving grasspaper products like hygienic papers, food & carrying bags and single-use plastic replacements with retail clients in Germany, Switzerland, Austria, the Netherlands and Italy, thereby rapidly expanding its reach throughout Europe.
This EUR 20m series B is a quantum leap for Creapaper. Welcoming global ecological game changers like Ranpak and JS Capital among our shareholders will add value way beyond money and will enable us to accelerate our growth and to prepare for our global expansion.
Michael Schatzschneider, CFO, Creapaper
Ranpak’s strategic investment in Creapaper reflects our continued commitment to sustainability and the use of natural substrates to reduce plastic waste and carbon emissions. Creapaper’s innovative grasspaper products are primed for expansion across global markets and complements Ranpak’s core paper products and sustainable packaging solutions. Working with Creapaper will advance our mission to replace plastic packaging with sustainable alternatives by expanding Ranpak’s eco-friendly solution set and paper SKUs for our growing customer base.
Omar Asali, Chairman and Chief Executive Officer, Ranpak
With the new highly reputed investors from the USA and the EIC Fund this Series B is extraordinary in terms of its strategic fit for Creapaper. After winning the EIC Accelerator Program 2020 among over 4,200 competitors from all over Europe, this funding round is fundamental for Creapaper’s vision of reducing CO2 emissions and avoiding further plastic waste on a global scale.
Willi Mannheims, Managing Partner, eCAPITAL
Creapaper GmbH, based in Hennef, Germany, uses a patented process to produce an alternative raw material for the paper and packaging industry that can be used in paper production instead of cellulose pulp made from wood or waste paper. Significant savings in CO2 emissions and water consumption can be achieved with Creapaper grass paper products. Creapaper has already received several awards for its innovative and sustainable products, including the IKU Innovation Award Climate and Environment 2018, the Top 100 Europe Award, the Red Herring Award North America in June 2019. Creapaper has won the EU Horizon 20/20 program in 2018 and is among the 7 German companies that won the EU-EIC Accelerator program 2020 with 4,223 participants from all over Europe.
eCAPITAL is a venture capital firm that provides early to growth stage funding to technology companies in the fields of software & information technology, cybersecurity, industry 4.0, new materials and cleantech. Founded in 1999, eCAPITAL has a history of supporting entrepreneurs determined to build companies with lasting significance. Partnering with eCAPITAL means joining an international network of business leaders, entrepreneurs, technologists and potential partners. eCAPITAL is located in Germany, currently manages funds with over EUR 280 million under management and was lead investor of some very successful German exits like sonnen, Novaled or Jedox.
Founded in 1972, Ranpak’s goal was to create the first environmentally responsible system to protect products during shipment. Ranpak’s mission is to deliver sustainable packaging solutions that help improve supply chain performance and costs, reduce environmental impact, and support a variety of growing business needs globally. The development and improvement of materials, systems and total solution concepts have earned Ranpak a reputation as an innovative leader in e-commerce and industrial supply chain solutions. Ranpak is headquartered in Concord Township, Ohio and has approximately 800 employees. Additional information about Ranpak can be found on its website: https://www.ranpak.com.
About EIC Fund
Established in June 2020, the European Innovation Council Fund (EIC Fund) is a breakthrough initiative of the European Commission to make direct equity and quasi-equity investments (between €500.000 and €15 million) in European high impact and deep tech start-ups and scale ups. With a long-term perspective, the EIC Fund invests in companies from any sector, across all EU member states as well as in associated countries. The EIC Fund aims to fill a critical financing gap and its main purpose is to support companies in the development and commercialization of disruptive technologies. This is achieved by crowding-in market players, and further sharing risk by building a large network of capital providers and strategic partners suitable for co-investments and follow-on funding. The Fund pays particular attention to the empowerment and support of female founders as well as the ambition to reduce the innovation divide among EU countries.