Pulpex, a company specializing in sustainable packaging technology, has secured £62 million ($78 million) in a Series D funding round, spearheaded by the National Wealth Fund (NWF) and the Scottish National Investment Bank. The capital will finance a new packaging plant in Glasgow, Scotland.
The NWF contributed £43.5 million in direct equity, marking its first investment in Scotland since its recent overhaul. The Scottish National Investment Bank added £10 million, with existing investors covering the remaining £8.5 million.
John Flint, CEO of NWF, emphasized the importance of this move: “We need to boost recycling and tap into the circular economy’s potential. That demands smart, long-term investments in both infrastructure and innovative packaging. Pulpex’s cutting-edge technology is a prime example—it just needs the right backing to scale up. By funding this Glasgow facility, we’re clearing the path for private capital and setting the stage for growth.”
Pulpex’s innovation is a fiber-based bottle crafted from sustainably sourced wood pulp, free of plastic, and recyclable alongside paper and cardboard in standard household systems. The company touts its patented solution as a biodegradable alternative with a reduced carbon footprint compared to conventional glass or plastic containers.
This financial support from the NWF and the Scottish National Investment Bank is pivotal for Pulpex to bring its technology to market and gain traction among packaging producers and their clients. The funding will shift Pulpex from its R&D and pilot phase in Cambridge, England, to a fully operational production site in Glasgow. The new facility, slated to produce 50 million bottles yearly, is projected to generate 35 jobs in Scotland.
Pulpex has already teamed up with major consumer goods players like Diageo, Unilever, and Kraft Heinz, signaling strong industry interest in its eco-friendly packaging.
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