Digital printing company Velox has completed a $33 million round of funding, enabling it to fuel its next stage of growth. The round was led by Menora Mivtachim Insurance LTD, Meitav Dash and Migdal Insurance with participation from existing investors Ilan Holdings, JAL Ventures Fund, ORT Technologies, ALTANA AG and Evonik.
We are proud to have such a prestigious group of strategic and financial investors demonstrating their faith in Velox and its future as we bring direct-to-form digital decoration to the mass production of tubes, aerosol cans, beverage cans and other cylindrical containers,” the company said.
The fundraising is done on the safe model, i.e. a loan that can be converted into shares of the company as soon as it completes its next round of fundraising from other investors and receives a valuation.
The company, founded in 2012, specializes in the use of technology that allows printing on decorative hard-body packaging such as tubes, aerosols, cans and bottles directly on molded bodies, in contrast to existing technologies for printing only on a flat substrate. The technology is designed to allow future adaptation to containers such as plastic, aluminium and glass bottles.
It currently has a strategic partnership with Crown Holdings, one of the world’s largest can manufacturers, Israeli packaging company Lageen Tubes and Switzerland’s Hoffman Nawafek. The global container decoration printing market is worth around $27 billion annually.
