Cabinet Health raises $17M to eliminate single-use plastic medicine packaging
Cabinet Health, a company that has developed a sustainable approach to the plastic crisis in medicine and health care, raised $17 million in growth funding to fuel the brand’s rapid growth and expansion into new categories and retail channels.
Global Impact Fund led the round with participation from other mission-driven investors including Natureza and Unreasonable Group. This fundraiser brings the company’s total funding to $23.6 million to date and previous investors include TechStars, SOGAL Ventures, Gaingels and Pixel Perfect Ventures.
“Our investors and team combine deep expertise in sustainability, retail and digital health care,” said Achal Patel, co-founder and CEO of Cabinet Health. “With our world-class group of mission-driven experts and fresh round of funding, we’ll be able to take our vision to the next level to eliminate single-use plastic from the medicine and healthcare industry.”
[Read more: Retailers ramp up initiatives to drive equity, diversity and sustainability]
Cabinet Health noted that it has proven its concept with investors and consumers, generating an average of 110% growth year-over-year with its over-the-counter offerings, which include cold and flu, allergy, digestion, pain and sleep.
As the inventor of the first refillable and compostable medicine system, the company’s mission is to make healthcare products and packaging more sustainable, from retail and pharmacy aisles to our medicine cabinets and homes.
“We know that 97% of single-use plastics end up in our oceans, landfills and eventually, our bodies as microplastics,” said Russell Gong, co-founder and president of Cabinet Health. “The plastic waste crisis is a public health crisis. Our vision is that one day every medicine cabinet, pharmacy and retail shelf is free of single-use medicine plastic and replaced with sustainable, high quality and affordable Cabinet Health remedies.”
Cabinet Health reimagined traditional pill bottle packaging to offer customers a first-of-its-kind, low-waste solution free of single-use plastics. The company’s system features elevated glass bottles that can be infinitely re-used, along with patented compostable pill packages that are made out of 100% earth-digestible materials and are city-compost friendly. By switching to the brand's refillable system, customers eliminate up to one pound of plastic annually and hundreds of pounds of plastic in a lifetime, an important metric as more and more consumers make conscious choices to avoid the plastic waste that contributes to microplastics found in food, water and ultimately, bodies, the brand noted.
[Read more: Wegmans to eliminate plastic bags company-wide by the end of 2022]
Cabinet Health's medicines use FDA-approved active ingredients sourced from world-class manufacturers, formulated to be equally as effective, batch tested and certified free of toxic metals, known carcinogens and allergens such as gluten.
“Cabinet Health is leading the industry in accelerating the adoption of high-quality medicines free of single-use medicine packaging,” said Carrie Rich, CEO and co-founder of Global Impact Fund. “We are thrilled to join the team of inventors and innovators who are fundamentally changing how the pharmaceutical market will address climate change and plastic pollution.”
Consumers can find the brand’s products are currently found on online at Grove Collaborative and Amazon, with more retail partnerships to come in 2023.