Sustainable cold chain packaging-focused manufacturer TemperPack announced today the closing of a $140 million financing round, led by Goldman Sachs Asset Management’s Sustainable Investing business. Additional participants in the financing included existing investors Grosvenor Food & AgTech, Harbert Growth Partners, Tao Capital Partners, Revolution Growth, SJF Ventures, and Arborview Capital.

TemperPack solves thermal packaging problems through sustainable design, helping companies to reduce their packaging costs and lower their overall impact on the environment. The company’s growth has been driven by its ClimaCell thermal liners, a recyclable and non-toxic alternative to expanded polystyrene for the protection of perishable shipments, such as foods, pharmaceuticals, and other life science products.

Bob Beckler, TemperPack Chairman and CEO, said:

“We are absolutely thrilled to partner with Goldman Sachs to accelerate our growth and diversify our offering of innovative, sustainable high-performance protective materials. As TemperPack grows, we increase the beneficial impact for consumers, our customers, and our planet.”

According to TemperPack, proceeds from the equity financing will be used to expand the company’s capacity for protective materials technologies, grow its geographic footprint, and extend its customer reach.

Jeff Possick, Managing Director, Goldman Sachs Asset Management, said:

“Goldman Sachs is committed to partnering with outstanding businesses that help drive sustainability. TemperPack has demonstrated an ability to lead in the cold chain materials space with much-needed sustainable solutions. We’re excited to invest in TemperPack’s growth to accelerate the development of technologies that disrupt the use of conventional single-use plastics.”