Entrepreneur

S'pore Startup Boxgreen Raises Funding - To Open Manufacturing Facility At Changi Prison

Singaporean healthy snacks startup Boxgreen has announced today that it has secured an undisclosed round of funding from Octava Impact Investment, Angel Central Syndicate, and existing investors Expara Ventures.

Founded in September 2014, the four-year-old startup will use the funds to support its plans to “continue doubling its revenue growth”.

It also plans to further strengthen its supply and distribution chain, “with greater emphasis on sustainability and social impact”.

Boxgreen also announced in the press release that they have acquired Squeezed! Juice, a cold press juice manufacturer.

This acquisition is part of their bid to provide new offerings to consumers looking for healthier food options.

Said Tan Ting Yong, Director at Octava Impact Investment: “There is a clear trend towards sustainability and a shift for companies to look beyond the bottom-line, to the impact they make on people and planet.”

“Boxgreen has built a brand that actively embraces this ethos and has a loyal following of customers that believe in what they do and the change they are making.”

In its effort to “create positive social value” across its entire supply chain, Boxgreen manages its manufacturing and operations in-house, and also champions fair and inclusive hiring practices.

Boxgreen also has plans to use the fresh round of funds to set up a new manufacturing facility in Changi Prison to expand its current operations whilst providing training and employment opportunities to ex-offenders.

The facility is expected to be completed by the end of the month, with the support of The Singapore Centre for Social Enterprise (raiSE) to scale up the place.

Boxgreen achieved a seven-figure revenue in 2018.

 

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