Great Wrap completes $24M Series A

Compostable stretch wrap made from food waste manufacturer Great Wrap has raised $24 million in its Series A funding round.

Great Wrap received $11 million from an equity round with participants such as Darren Thomas, W23, Grill’d Innovation Fund, Giant Leap, Small Giants, Thai Wah Ventures, GroundSwell, Trail Mix Ventures and Springbank Collective.

$13 million of non-dilutive capital was raised from DLL Group, Rabobank’s asset financing arm.

According to Jordy Kay, co-founder of Great Wrap, “This Series A raise means that by the end of 2023, we’ll be in a position to create more than 100 local jobs in Victoria alone. The biorefinery setup will also be a huge step forward for our state — we’re excited to be bringing biotechnology and advanced manufacturing to the forefront.”

Julia and Jordy Kay, co-founders, Great Wrap

The investment has enabled Great Wrap to expand into a new 12,000 sqm facility in Tullamarine with the capacity to manufacture 30,000 tonnes of compostable Great Wrap by the end of next year. This will make Great Wrap Australia’s largest stretch wrap manufacturer, the company claims.

Co-founder Julia Kay said, “The world’s largest companies are making plastic reduction commitments to end plastic waste, but unfortunately we will not recycle our way out of this mess. Our technology can support this transition to a safer and cleaner future, and we now have the capacity to manufacture all of Australia’s stretch wrap, thanks to our impact-aligned investors who’ve helped create a brighter future for all.”

According to a LinkedIn post this morning she said, “Jordy and I are looking forward to the next phase of growth of our amazing team at Great Wrap. Working with some amazing new partners who will continue to help us scale!”

Great Wrap’s company vision is a world ten years from now where plastic doesn’t exist.
The company plans to remove the 150,000 tonnes of plastic stretch wrap that is sent to landfills in Australia annually.