Mark Cuban Leads $ 3.5 Million Funding For Food Packaging Startup SAVRpak


  • Mark Cuban is leading $ 3.5 million in funding for a startup that helps keep delivery food fresh.
  • Jérôme Schneider, Managing Director of Pimco, is also a private financial backer.
  • SAVRpak’s “peel and stick” pads, invented by a rocket scientist, absorb moisture in take-out boxes.

Bill Birgen’s invention was born out of necessity. He wanted a salad for lunch and he didn’t want it to be soggy.

He started tying up a few years ago with an invention that would keep his house salads fresh during his lunch break. After all, it couldn’t be too difficult for a scientist specializing in thermodynamics, he told himself.

In 2018, the rocket specialist almost had a finished product, but needed help with packaging. He met Greg Maselli, who owns a design and manufacturing company in Southern California. Along with Grant Stafford, the three entrepreneurs co-founded SAVRpak, a startup that developed a peel-and-stick patch that prevents takeout from getting soggy.

“As soon as you close a food container, it basically creates a spa, doesn’t it? All the moisture rises, collects on top and falls on the food,” Maselli told Insider in an interview. “Our product absorbs excess moisture.”

On Monday, the San Juan Capistrano, Calif., Based company plans to announce its Series A funding round with billionaire investor Mark Cuban as the main backer. Of the $ 3.5 million raised, $ 1 million came from Cuba. The food preservation startup also didn’t need a “Shark Tank” to make its pitch.

Instead, Maselli caught Cuba’s attention by sending a cold pitch by email last fall.

It read like this: “I am the co-founder of a simple, patented product that is changing the delivery of food as we know it.”

About three hours later, Cuban contacted Maselli to learn more about SAVRpak’s product. The 4 x 4 inch chemical-free vegetable pulp pad keeps burgers, pizzas, fries, salads and onion rings cool during delivery.

“It can hold up to four ounces of condensation or four ounces of liquid. And it doesn’t flow back,” Maselli told Insider.

Maselli declined to reveal details of the patented technology, saying only that each pad “harnesses thermodynamics” to reduce humidity by 45% in each takeout box.

SAVRpak

SAVRpak technology prevents delivered foods like burgers and fries from getting soggy.

SAVRpak


As the pandemic was in full swing and third-party delivery services increased, Cuba was intrigued. He also had a vested interest, as he owns a stake in an emerging fast food chain called Fat Shack. Cuban had the SAVRpak tampons, which attach to the roof of any food packaging, to be assembly line tested.

The channel offered a perfect testing ground. It sells burgers, fries, chicken wings, and delicious fried desserts like Fried Oreos and Twinkies. The kind of food that gets “sloppy, mushy, and coarse” during delivery.

After testing SAVRpak late last year, Fat Shack founder Tom Armenti not only endorsed the product, but asked Cuban if he could become an investor, Maselli said.

“SAVRpaks allow food to stay fresher, longer while retaining great taste, all at an affordable price. It’s a unique combination that will forever change the way food is presented and delivered,” Cuban said in a statement.

The surge in deliveries of the pandemic

“The pandemic has created a huge opportunity for us,” said Maselli, whose other company, 117 Global, did design work for Miso Robotics. The Southern California tech company is nationally known for its robot fry cooker, Flippy.

Delivery orders increased in 2020, according to market research firm The NPD Group. These orders more than tripled to 10.7% of restaurant transactions, up from 3% in 2018. This week, Black Box Consumer Intelligence said consumer spending on third-party delivery continued to increase. accelerate one year after the onset of the pandemic.

With the growth in deliveries, Maselli said there was a “need to better deliver good food.”

SAVRpak, which won a design award at the 2021 Consumer Electronics Show, is currently testing the pads in around 100 restaurants. With the agreements still in their infancy, Maselli would not provide details.

“We have everyone from mom and pop stores to the biggest names,” Maselli said.

The company will use the A-Series financing to increase its production capacity up to 50 million units per month. He also plans to develop tampons for use in new markets like groceries, as well as pads of different sizes for use in packaging such as pizza boxes.

While SAVRpak could work directly with large chains with their own supply chains, Maselli said it would likely offer its napkins through large distributors like Sysco and US Foods. He said SAVRpak designed the product “to make sure the units are as affordable as possible”.

“Restaurants can add an SAVRpak to their takeout / delivery for the price of a few packets of ketchup,” he told Insider.

SAVRpak fixes

SAVRpak’s product is a 4 x 4 inch pad that sticks to the top of a take out box.

SAVRpak


DoorDash was also interested, Maselli said.

DoorDash told Insider he bought a small number of units to give traders his selection of take-out packaging. They are not yet for sale, but will be available soon, the company said.

“They knew our product down the line was going to help their restaurants deliver better food,” Maselli said.

And ultimately, that’s why Cuban said he invested.

“I love investing in disruptive technologies, and there is no doubt what Greg & Grant have put in place is just that,” Cuban said in a statement.


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