Victorian stretch film startup Great Wrap has raised $11 million in a Series A as it looks to ramp up production of its compostable potato-based alternative to plastic.
The $11 million equity round was supported by Darren Thomas, W23, Grill’d Innovation Fund, Giant Leap, Small Giants, Thai Wah Ventures, GroundSwell, Trail Mix Ventures and Springbank Collective and other impact investors in Australia, the US and Singapore.
The company also acquired $13 million in non-dilutive capital from DLL Group, Rabobank’s asset financing arm.
Great Wrap has used the money to expand into a new 12,000 sqm facility in Tullamarine, with the capacity to produce 30,000 tons of compostable stretch wrap for use as food and pallet packaging by the end of 2023.
The plant will process local waste from a potato processor to make its product and is also building a biorefinery on the site, which is not expected to open until next year and will use nearly 50,000 tons of local potato waste annually.
The company also plans to expand offshore next month and target international markets with impact-oriented consumers, legislation and strong business ESG mandates.
The wrapper breaks down into carbon and water in compost in less than 180 days. Its mission to get rid of the 150,000 tons of plastic stretch wrap sent to landfills in Australia each year.
Husband and wife co-founders Jordy and Julia Kay launched Great Wrap in 2020 and counts Who Gives A Crap founder Simon Griffiths among the first backers. The idea also got an early boost from the Amazon Launchpad scholarship program.
Jordy Kay said they hope to create more than 100 local jobs in Victoria by the end of 2023.
“The biorefinery setup will also be a huge step forward for our state – we are excited to bring biotechnology and advanced manufacturing to the forefront,” he said.
His wife, Julia, was recently named Young Victorian of the Year by the Victoria Day Council, along with AFL legend Kevin Sheedy, who was named Victorian of the Year.