Thermo Lab Korea, a startup specializing in eco-friendly packaging, has attracted a total of 3 billion won ($2.3 million) in Series A2 investment. The company’s total cumulative investment is about 9 billion won ($6.9 million).
In this round, existing investors Behi Investment and Hana Securities decided to reinvest following Series A. In addition, the company secured a sufficient runway by attracting an additional 2.5 billion won ($1.9 million) from the ESG Green Process Conversion Policy Fund of the Korea Credit Guarantee Fund.
Its product ‘Ecoliner’, which will be launched this year, is an eco-friendly shipping box that can replace Styrofoam boxes. It is the first technology in Korea to develop paper insulation using waste paper and apply it to shipping boxes. The company has secured better thermal conductivity than the existing insulation material Styrofoam (expanded polystyrene), and since the inside of the insulation is made of 99% paper, both the outer delivery box and the inner paper insulation can be separated and discharged as paper, which is eco-friendly and reduces carbon emissions.
“Ecoliner is considered to be the only Styrofoam box replacement technology in Korea. This investment is a pre-emptive response step to additional volume expansion, securing additional automated production facilities with a capacity of 200,000 sets/month, expansion of new factories, possession of production infrastructure, and establishment of delivery and logistics infrastructure,” said Seok Choi, CEO of Thermo Lab Korea.
The company aims to start exports to the United States. “We are checking the market response and planning to enter overseas markets sequentially, focusing on countries with high demand for cold chains. As the company’s growth potential and future value have been recognized, we plan to accelerate organic growth by intensively investing in volume expansion and entry into new markets,” the company stated.
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