June 4, 2014
Ecologic Brands ("Ecologic"), an ATEL Growth Capital company, has announced that they have completed an additional round of financing of $7 million. New investor Kruger Inc. ("Kruger") was included in the financing round and will become the exclusive licensee and manufacturer of Ecologic's paper bottle technology in Canada.
"We are thrilled to partner with Ecologic, a company whose goal is to provide differentiated and innovative sustainable packaging solutions to consumers around the globe," said Michael Lafave, Senior Vice President, Containerboard/Packaging & Recycling at Kruger Inc. "We are especially excited to bring the Ecologic paper bottle technology to our customers in the Canadian market as an additional offering to complement our corrugated packaging solutions."
Ira Maroofian, CEO of Ecologic added, "We want to build this company with great products, people, and partners. The Kruger team brings all of that to the table and truly legitimizes Ecologic as a packaging company with staying power."
Ecologic Brands Inc., located in Oakland, California, is a designer and manufacturer of innovative and sustainable packaging solutions. The company released America's first molded fiber bottle, made from recycled cardboard and newspaper. Their line of products promotes sustainability with their source reduction, recycled content, recyclability, compostability and optimal shipping. They are the winner of both the "2012 GoingGreen Global 200 Top Private Companies" by The AlwaysOn Network and the "2012 International Design Excellence Awards" by the Industrial Designers Society of America.
The company is financed by ATEL Growth Capital and leading venture capital firms Catamount Ventures and DBL Investors.