Following a strategic investment from Eleven Ventures and Citibank managing director Grigoriy Ananiev, LAM’ON plans to boost its market presence and upscale its biobased, compostable laminating and packaging films.
Utilizing ‘innovative’ formulations that are ‘capable of truly disrupting the print and packaging landscape’, LAM’ON launched two flagship products earlier this year.
PACK’ON Classic is a clear plastic film geared towards fresh produce, cosmetics, and apparel; it is designed for high transparency, durability, and compostability as an alternative solution to fossil-based plastics.
Meanwhile, its PACK’ON Shrink thermo shrink film claims to offer ‘exceptional’ strength and flexibility for multipacks in the shipping and logistics phases. It is described as a ‘cost-effective’ solution that, alongside its Classic variant, improves a brand’s sustainability metrics and appeals to environmentally conscious consumers.
Now the new investment is set to increase LAM’ON’s visibility and drive its marketing efforts in order to reach new customers on the European food and beverage, apparel and accessories, home goods, and electronics packaging sectors. Several beer brewers and apparel companies have apparently taken up PACK’ON solutions already.
By partnering with Eleven Ventures, LAM’ON intends to make use of its strategic guidance, market insights, and network to drive its growth in the sustainable packaging space, as well as fund its own work.
In turn, PACK’ON products are set to help customers meet the conditions of the Plastics Levy, among other EU legislation, and pursue internal sustainability targets – all as the sustainable packaging market reached over $180 billion in global retail value sales in 2023, making it the fourth largest market.
“We are excited to reach new markets with the support of Eleven,” said Angela Ivanova, co-founder and CEO of LAM’ON. “As consumer demand for sustainable products continues to grow, LAM’ON is poised to become a leading force in the bio-based packaging sector.”
“We are incredibly excited about this investment, which will allow us to meet the growing demand for sustainable packaging solutions in industries ranging from food and cosmetics to e-commerce and electronics,” continued fellow co-founder and COO Gergana Stancheva. “This funding marks a significant milestone in our journey to revolutionize the packaging industry with products that not only protect and preserve but also minimize environmental impact.”
Ivaylo Simov, partner at Eleven, added: “We are proud to support the team of LAM’ON in their quest to revolutionize the packaging industry with innovative, biodegradable solutions. Their mission aligns perfectly with our strategy to invest in sustainability and climate-focused businesses driving meaningful change.
“We believe that the growing regulatory push, increasing consumer demand for eco-friendly products, and the immense potential of the biodegradable plastics market create a perfect environment for LAM’ON to thrive. And we are beyond excited to support their vision and help them shape a future where sustainable packaging becomes the norm.”
According to LAM’ON, the dog and cat food industry increasingly contributes to flexible packaging use in Western Europe. On this note, an Amcor study recently suggested that 69% of pet owners consider the sustainability of a pack when purchasing pet food, with 55% influenced by on-pack recyclability claims.
In other biobased film news, Faber led a €5 million+ funding round to upscale B’Zeos’ home-compostable packaging made from seaweed. These films are said to match the functionality of virgin plastics ‘without the environmental cost’ – and, in doing so, offer a ‘distinct advantage’ over existing bioplastics.
Lignin Industries has also entered a partnership agreement with Hellyar Plastics to bring its recyclable, biobased lignin material to market. Among the material’s potential uses are its incorporation into polyethylene films.
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