UK startup iBoxit raises GBP 400,000 for plant-based EPS alternative
iBoxit, a Norwich-based UK startup, has raised GBP 400,000 (USD 528,200) to advance commercial readiness of its plant-based biofoam packaging, intended as a recyclable and biodegradable alternative to expanded polystyrene. The British Design Fund put in GBP 230,000 (USD 303,700) of the round. The company is expanding into Australia and targeting Sweden next, with applications spanning seafood, food processing, pharmaceutical and industrial packaging.
Why this mattersEarly capital for EPS replacement materials signals continued investor appetite for fibre- and plant-based substitutes in protective and cold-chain packaging.
- iBoxit raised GBP 400,000 (USD 528,200) for development and commercial readiness of its plant-based biofoam packaging
- The British Design Fund provided GBP 230,000 (USD 303,700) of the round
- The material is presented as a recyclable and biodegradable substitute for expanded polystyrene
- Target applications are seafood logistics, food processing, pharmaceuticals and industrial packaging
- iBoxit is starting operations in Australia and names Sweden among planned markets
- Total funding for iBoxit's round is now put at GBP 962,000 (USD 1.27m), up from the GBP 400,000 figure first reported.
- Innovate UK's Growth Catalyst Investor Partnership Grant contributed GBP 562,000 to the round.
- ESG Natural Capital Ltd invested GBP 80,000 and private investor Kevin Johnson added GBP 90,000.
- Cornwall-based fish supplier Flying Fish is already using iBoxit's packaging commercially and supplying performance data.