KNOXVILLE, Tenn., Feb. 23, 2017 /PRNewswire/ -- Southeastern Packaging Technologies LLC (SPT), a leading innovator in the consumer packaging industry, announced today that it has secured $700,000 in funding. The funding round was led by Knoxville-based Mollenhour Gross, LLC and will be used to accelerate the commercialization and continued development of SPT's patented FunLPro™ packaging technology.
"We are excited to secure financial backing to take SPT to the next level," said Bryan Crosby, CEO of Southeastern Packaging Technologies. "Our revolutionary FunLPro™ closure technology has gained tremendous market traction over the past year. With this investment, we are poised to grow the presence of our closures into mass distribution, partnering with best in class brands in to 2017 and beyond. Our goal is to secure national and global adoption of our patented technologies in the consumer packaged goods space, becoming the standard for safe and efficient transfer of chemical products around the world. SPT will continue to partner with the best brands in the world, reinvigorating their shelf appeal and creating the best possible experience for their customers through our best in class packaging. Data from leading experts in the packaging industry shows that a consumer's relationship with the brand is shaped and defined by their experience with a brand's packaging. As the closure is the first thing the consumer comes in contact with, we feel we are in a great position to provide that type of differentiation for leading brands around the world."
"This financing round will bolster our sales and marketing capabilities and fund the development of new applications for our patented closures, positioning SPT to become the breakout packaging technology company in the consumer market," said Crosby.
"We are thrilled for the opportunity to work alongside and invest in the SPT team," said Jordan Mollenhour of Mollenhour Gross. "We are confident in the continued proliferation of FunLPro™ technology, and we believe it solves a problem experienced around the globe on a daily basis. Consumers will benefit from reduced spills and less waste when using everyday items such as motor oils, household cleaner products, medical fluids, and industrial compounds. This is a huge market. From our perspective, Southeastern Packing Technologies will revolutionize the packaging industry and create the first major innovation in CPG packaging in over three decades."
About Southeastern Packaging Technologies, LLC
Southeastern Packing Technologies holds a portfolio of patents around high-end dispensing closures that eliminate the need to use funnels or separate pouring devices when transferring CPG fluid products in bulk and at retail. www.funlpro.com
About the Investor
Established in 2004 by Jordan Mollenhour and Dustin Gross, Mollenhour Gross, LLC (http://www.mollenhourgross.com/) is a private holding company with offices in Knoxville, TN. Its portfolio companies are engaged in a variety of industries including e-commerce, warehousing fulfillment, real estate, private lending, venture capital, and software.
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SOURCE Southeastern Packaging Technologies