CMPC
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🍾 Diageo-backed paper bottle-maker, Pulpex, toasts £20m funding round
Pulpex, which produced the first Johnnie Walker whisky bottle made entirely from paper-based products in 2021, will announce on Monday that it has secured financing from investors including CMPC, one of the world’s biggest pulp and paper companies. City sources said the Series C fundraising comprised between £20m and £25m of additional investment.
Pulpex, which utilises sustainably sourced wood pulp, was formed in 2020 from a collaboration between Diageo and Pilot Lite, a venture management company. The aim of the new funding is to facilitate a commercial-scale production line capable of producing up to 12.5m paper bottles annually at a facility in Cambridgeshire.