Eco-packaging startup Hero Packaging raised its $1.5 million dollar goal early in a global crowdfunding Equitise campaign that will see the business scale up its North American operations.
Hero Packaging aims to reduce waste by manufacturing and selling plastic-free, home-compostable shopping mailers and packaging to other small businesses globally.
As an e-commerce store, Hero Packaging has shipped worldwide since the beginning; however, its rapid growth has created the need for more warehouses — and more staff — across the globe.
Speaking with SmartCompany Plus in April this year, co-founder Anaita Sarkar said the business was on track to hit $5 million in revenue by June 30, up from $2.5 million in 2021.
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That figure is forecast to grow to $10 million in 2023, and a whopping $14 million by 2024.
A global footprint
Pre-raise, Hero Packaging set up a US-based warehouse at the end of 2021 to serve its 600-strong customer base.
But when speaking with SmartCompany Plus, Sarkar had foreshadowed the potential for a raise, stating the team was planning on a “large, international expansion” which would involve onboarding more US-based sales staff.
After all, the US e-commerce market is an $800 billion dollar sector, and the sustainable packaging market is considerably less mature than it is in Australia.
In a statement about the raise — which had a total of 745 investments — Sarkar said the team has been “blown away by the response”.
“Our customers have always been a huge part of our business — from co-creating products through to generating awareness for our mission, so we wanted our customers and stakeholders to officially be part of our business and feel just as invested as we are in tackling the problem of plastic waste,” the statement reads.
“In just three short years we have helped to eliminate plastic from the shipping process with our unique, home-compostable shipping mailers to over 40,000 customers worldwide and this investment will help scale the business at a rapid pace.
“We are excited to strengthen the business by growing our passionate North American team, giving us the opportunity to bring the best eco-friendly packaging solutions to new customers, and have an even greater impact.”