PackAge+ Raises NTD 52 Million in Pre-A Round to Foster Circular Packaging Solutions for E-Commerce in Taiwan.

PackAge+, a leading circular economy startup, announced it had raised NTD 52 million in a Pre-A funding round. Major investors included Chinatrust Startup Investment Corporation, Chang Hwa Bank Startup Investment Corporation, National Development Fund, Tree Crown Impact Investment Co., SIC Sustainable Impact Corporation, Shell Zoom Company, and other strategic investors. The capital will be deployed to scale PackAge+’s circular packaging solutions, integrate Taiwan’s ESG circular ecosystem, and set the stage for global expansion by 2024.

Recognizing the extensive waste generated by single-use e-commerce packaging, PackAge+ has pioneered a holistic ‘circular packaging’ service in Taiwan. These eco-friendly materials, designed for reuse, span from delivery to return, and recycling. The company’s unique approach builds a win-win-win model: By incentivizing consumers with discount coupons from participating e-tailers or return stores, the system offers a seamless O2O consumer experience while promoting packaging reuse.

Notable clients of PackAge+ include popular platforms like Shopee, FamilyMart, and Carrefour. The company has circulated 650,000 eco-friendly packages, averting roughly 195,000 kg of single-use packaging waste. Furthermore, this year, PackAge+ forged a unique collaboration with a renowned semiconductor wafer manufacturer to create eco-friendly “circular logistics boxes” made from the factory’s plastic waste, fostering a more environmentally conscious supply chain and securing a corporate ESG award. PackAge+ aims to expand collaborations with various e-commerce platforms, major online shopping portals, and the semiconductor industry’s supply chain.

Given the staggering 220 million single-use packages utilized by Taiwan’s e-commerce sector annually, producing over 50,000 tons of waste, the Environmental Protection Agency has implemented packaging reduction regulations. By 2026, companies with a capital exceeding SGD 150 million are mandated to achieve a 15% usage rate of circular packaging. Major e-commerce giants like MOMO, Eastern Broadcasting, PCHOME, and Shopee are included, and any B2C entities with e-commerce platforms or apps, such as those in food, cosmetics, 3C products, and apparel sectors, must comply.

PackAge+ founder, Ye De-wei, commented on the funding round, “By collaborating with both financial and strategic investors, we aim to scale our circular packaging operations while diversifying our services, bolstering market share, and generating multifaceted revenue.”

SIC co-founder, Lin Zhi-yao, remarked on the potential of PackAge+: “While many companies primarily focus on reducing Scope 1 and 2 greenhouse gas emissions, the reality is that 80-95% of most businesses’ emissions fall under Scope 3. PackAge+ offers innovative solutions, such as employing circular packaging for corporate gifts or circular boxes for supply chain transportation, acting as a driving force behind substantial emission reductions.”

Regarding the company’s future, the PackAge+ team plans to develop more applications for its circular services, such as food delivery, in-store pickup, and technology park material deliveries. They aim to digitalize sustainable services, allowing small and medium businesses to swiftly and conveniently adopt these practices. With the data collected from the circular system, PackAge+ envisions using big data and machine learning to devise an AI model that can determine the optimal circular model. Ye De-wei voiced his aspiration to “make Taiwan a circular island.”

Internationally, with support from Google’s startup accelerator and DBS Singapore’s incentive programs, PackAge+ has already laid the foundation for its global venture set for 2024.