Great Wrap raises $5 million to scale compostable pallet wrap with Opal ANZ

Material science startup Great Wrap has partnered with packaging company Opal ANZ to solve a 100,000 tonne problem – helping businesses divert traditional pallet wrap away from landfills.

B Corp-certified Great Wrap has announced an additional $5 million raise to help propel its new pallet wrap distribution partnership with Opal ANZ, one of Australia’s leading packaging and recycling companies.

Speaking to SmartCompany, co-founder Jordy Kay said the partnership is a crucial moment in Great Wrap’s journey, as the business continues its journey to commercial scale.

“All of the hard testing and building is behind us, and we’ve successfully crossed the ‘valley of death’ that many deep tech startups face.”

“This partnership validates that we have a top tier product, and are ready to commercialise and scale.”

Great Wrap’s Certified Compostable Machine Pallet Wrap – certified by the Australasian Bioplastics Association, is made with compostable biopolymers and plant-based oils – is a packaging solution for businesses that secures pallet loads while minimising supply chain waste.

“We operate in a space where operators are concerned about the quality of the material and the cost,” said Kay.

“Our machine pallet wrap stands out because it’s fully compostable, capable of a 250% pre-stretch, operates smoothly on high-speed lines, and maintains high tension for ultimate reliability. Our wrap is denser and stronger than traditional wrap, meaning our customers can reduce their wrap thickness to achieve the same results as they would with traditional wrap.”

Last year Great Wrap launched the world’s first compostable pallet wrap, after raising $24 million to “completely knock petroleum plastic off the supermarket shelf”.

“Our Series A took us from a small system on the Mornington Peninsula, to a much larger facility at Tullamarine which allows us to produce huge amounts of product, at much higher quality,” said Kay.

A 100,000 tonne problem

Australia generates 2.5 million tonnes of plastic waste annually so there is an urgent need to adopt compostable materials fast.

About 100,000 tonnes of traditional plastic wrap winds up in landfill in Australia each year.

After initially launching direct to consumers in 2020 with its Nudie Wrap compostable cling wrap subscription service, Great Wrap’s focus switched to the B2B market.

Great Wrap aims to produce 5,000 tonnes of certified compostable machine pallet wrap this year for distribution through its partnership with Opal.

The $5 million raise includes backing from new investors, follow-up investors, government funding and debt.

New investors include former world number one tennis player Aryna Sabalenka, and RCV Partners, with follow-on support from Barrel Ventures, Giant Leap, Platinum Mile, Startmate and Darren Thomas the managing director of Thomas Food International.

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