Great Wrap raises $24 million as it looks to knock petroleum plastics off the shelves with its biodegradable stretch wrap

Victorian-based and founded materials science company Great Wrap has raised $24 million in capital to ‘completely knock petroleum plastic off the supermarket shelf’ with its biodegradable products.

The $24 million investment includes an $11 million equity portion with participants including Darren Thomas, W23, Grill’d Innovation Fund, Giant Leap, Small Giants, Thai Wah Ventures, GroundSwell, Trail Mix Ventures and Springbank Collective. The final $13 million is non-dilutive capital, the terms of which co-founder Jordy Kay says are at competitive rates for a startup, comes from DLL Group, Rabobank’s asset financing arm.

The equity funding will be used primarily to grow the Great Wrap team and expand into new markets.