(PRESS RELEASE) LUXEMBOURG, 5-Feb-2021 — /EuropaWire/ — The European Investment Bank (EIB), the lending arm of the European Union, has announced it will support the Polish start-up specialized in customized packaging with EUR 7.5 million loan. Packhelp’s online marketplace addresses the needs of SMEs looking for a proper package for their products and printing houses that work mainly for larger companies and have less access to smaller businesses. The startup is also working towards supporting producers of ecological cardboards that can replace plastics.
The EIB loan will finance Packhelp’s growth strategy, which is based on constant technological innovation that requires significant research & development investments. It will help the company further develop its innovative marketplace platform and expand its Polish and European network of suppliers and customers. Since inception in 2015, Packhelp has sold around 26 million boxes and served 36k customers across 38 countries.
The European Fund for Strategic Investments (EFSI), the main pillar of the Investment Plan for Europe jointly managed by the European Commission and the EIB, is backing the loan through its dedicated European Growth Finance Facility (EGFF), in recognition of the company’s potential in a growing market.
Packhelp works as a technology-enabled, online marketplace that aggregates orders from small and medium-sized companies and connects them to printing houses. The software eliminates logistical and supply chain complexities, connecting the traditional printing houses with the speed of e-commerce. Packhelp thus helps levelling the playing field between SMEs and large corporates in their access to high quality, affordable and customised packaging.
Packhelp is also committed to promoting sustainable packaging with eco-friendly products that can be a real alternative to plastic packaging. Every single cardboard product in the range is expected to be made from a minimum of 80% recycled cardboard. The EIB loan will help develop this process.
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SOURCE: European Investment Bank