Bubble Paper

Cover Block

PUBLIC

Attribute	Details
Name	Bubble Paper
Tagline	Paper-based recyclable alternatives to plastic bubble wrap for e-commerce and industrial packaging
Headquarters	Greenville, South Carolina
Founded	2015
Stage	Series A
Business Model	B2B
Industry	Cleantech / Climatetech
Technology	Hardware
Geography	North America
Growth Profile	Venture Scale
Founding Team	Solo Founder
Funding Label	Series A (total disclosed ~$16,480,000)

Links

PUBLIC

• Website: https://www.bubblepaper.com
• LinkedIn: https://www.linkedin.com/company/bubblepaper

Executive Summary

PUBLIC Bubble Paper manufactures paper-based protective packaging as a direct, recyclable alternative to plastic bubble wrap, a bet that hinges on the tightening regulatory and consumer pressure against single-use plastics in e-commerce and industrial supply chains [Bubble Paper, N/A]. The company was founded in 2015 by Benjamin Moore, an engineer who spent years developing a proprietary paper-forming process to replicate the cushioning properties of plastic bubble wrap [Charleston Business Magazine, N/A]. Its product line, which includes wraps, pads, and cold chain liners, is differentiated by its 100% paper composition, FSC certification, and curbside recyclability, positioning it as a drop-in sustainable solution [Bubble Paper website, N/A]. Moore leads the company as CEO, with his technical background and deep integration into the South Carolina innovation ecosystem, evidenced by SCRA membership since 2018 and repeated grant funding, forming the core of the operational narrative [SCRA, N/A]. A $10 million Series A round closed in July 2024, led by the state-affiliated SC Launch Inc., provides the capital for scaling production, though the broader investor syndicate and detailed deployment metrics remain outside public view [SCbio, July 2024]. The critical watch item over the next 12-18 months is whether Bubble Paper can translate its regional support and product claims into announced partnerships with national logistics or retail brands, which would serve as the first external validation of commercial traction beyond its home state.

Data Accuracy: YELLOW -- Core company facts and funding round are confirmed by primary sources; valuation and commercial traction are inferred or from single sources.

Taxonomy Snapshot

Axis	Classification
Stage	Series A
Business Model	B2B
Industry / Vertical	Cleantech / Climatetech
Technology Type	Hardware
Geography	North America
Growth Profile	Venture Scale
Founding Team	Solo Founder
Funding	Series A (total disclosed ~$16,480,000)

Company Overview

PUBLIC

Bubble Paper operates as a cleantech hardware company from Greenville, South Carolina, founded by engineer Benjamin Moore in 2015 [PitchBook]. The company’s origin story centers on Moore’s hands-on development of a proprietary paper-forming process, which he began experimenting with in early 2018 by retrofitting tooling in the back of a plant [Charleston Business Magazine]. His stated objective was to create a sustainable, high-performance cushioning material that could replicate the protective qualities of plastic bubble wrap [Bubble Paper website].

The company’s primary institutional affiliation is with the South Carolina Research Authority (SCRA), a public, nonprofit corporation chartered by the state legislature [SCRA]. Bubble Paper became an SCRA Member Company in 2018, receiving an initial $25,000 Project Development Fund Grant [SCRA]. This relationship deepened with a $50,000 Acceleration Grant in 2019 and culminated in the company becoming a portfolio company of SCRA’s investment affiliate, SC Launch Inc. [SCRA]. In July 2024, SC Launch Inc. announced its third investment in the company, a $10 million Series A round [SCbio, July 2024].

Key milestones for the company include its SCRA membership, the sequential grant funding, and the 2024 Series A. The company was also honored with Company of the Year honors from the South Carolina Research Authority, recognized at its annual summit [Greenville Business Magazine, Upstate Business Journal]. A recent team addition is Monica Frazier, hired as Marketing Manager in May 2025 [Greenville Business Magazine, May 2025].

Data Accuracy: YELLOW -- Core facts (founding, location, SCRA affiliation, recent hire) are confirmed by multiple sources. The proprietary process narrative is company-sourced, and the Series A details are from a single trade publication announcement.

Product and Technology

MIXED

Bubble Paper's product line is a direct, material-for-material substitution for plastic bubble wrap and its associated packaging forms. The company offers a suite of 100% paper-based protective packaging, including Bubble Paper Wrap in both kraft and luxury finishes, Pads, Icebox Liners, and Mailers [Bubble Paper website]. The core proposition is environmental: all products are described as curbside recyclable, compostable, made in the USA, and carrying Forest Stewardship Council (FSC) certification and the How2Recycle label [Bubble Paper website]. This positions the offerings as a drop-in sustainable alternative for e-commerce, industrial void fill, and cold chain logistics customers seeking to reduce plastic use.

The underlying technology is a proprietary paper-forming process developed by founder Benjamin Moore. Public descriptions frame it as an engineering exercise, with Moore reportedly going "back to engineering basics" and experimenting with tooling in a plant to form paper in a way that replicates the look and feel of plastic Bubble Wrap [Charleston Business Magazine]. The process is the company's primary technical asset, though its specific mechanics, patent status, and manufacturing scalability are not detailed in public sources. The product's performance claims,its ability to provide "high-performance cushioning",rest entirely on the output of this process [Bubble Paper website].

From a commercial and technical standpoint, the product surface appears complete for a packaging materials company. The website lists specific SKU categories with clear use cases. However, the absence of any public technical specifications, third-party performance test data, or detailed case studies from named customers leaves the efficacy and cost-position relative to incumbent plastics unverified. The technology is hardware-focused, involving the conversion of paper stock into a protective structure, which implies capital expenditure for manufacturing scale-up.

Data Accuracy: YELLOW -- Product claims sourced from company website; technical process description corroborated by one trade publication. Performance data and manufacturing details are not publicly available.

Market Research and Opportunity

PUBLIC

The push to decarbonize the logistics and packaging supply chain is creating a durable, regulation-driven market for sustainable alternatives to legacy plastics.

Bubble Paper operates in the protective packaging segment, a subset of the broader industrial and e-commerce packaging market. The company's focus is on replacing plastic bubble wrap and other non-recyclable void-fill materials with paper-based solutions. While Bubble Paper has not disclosed its own market sizing estimates, the broader context is well-documented. The global protective packaging market was valued at approximately $34.5 billion in 2023 and is projected to grow at a compound annual rate of 5.8% through 2030, according to Grand View Research [Grand View Research, 2024]. The sustainable packaging segment within this is growing at a faster clip, driven by consumer preference, corporate ESG mandates, and tightening regulations on single-use plastics.

Demand is anchored by several converging tailwinds. E-commerce growth continues to generate massive volumes of protective packaging, while brand owners face increasing pressure from consumers and investors to reduce plastic waste. Regulatory forces are a significant catalyst; legislation like extended producer responsibility (EPR) schemes in Europe and various state-level plastic bans in the U.S. are raising the compliance cost and operational friction for using traditional plastic packaging. This creates a direct economic incentive for shippers to adopt recyclable alternatives. The cold chain and industrial packaging markets, which Bubble Paper also targets, present additional demand vectors where performance and sustainability requirements intersect.

Adjacent and substitute markets include other forms of sustainable cushioning, such as molded pulp, corrugated inserts, and biodegradable air pillows. The key competitive dynamic is not merely replacing plastic with paper, but doing so without sacrificing protective performance or incurring prohibitive cost premiums. The market's evolution suggests a bifurcation: a high-volume, cost-sensitive segment for commodity goods and a premium segment for brands where sustainability is a core part of the value proposition. Bubble Paper's positioning, with its emphasis on a proprietary forming process and FSC certification, appears aimed at the latter.

Metric	Value
Global Protective Packaging Market (2023)	34.5 $B
Projected CAGR (2023-2030)	5.8 %

The projected market growth, while moderate, provides a stable foundation. The more critical figure for Bubble Paper's specific opportunity is the faster-growing subset dedicated to sustainable materials, where regulatory and brand pressures are actively reshaping procurement decisions.

Data Accuracy: YELLOW -- Market sizing from a single third-party report (Grand View Research); company-specific SAM/SOM not publicly available.

Competitive Landscape

MIXED Bubble Paper operates in a market defined by a long-established incumbent, a wave of sustainability-focused challengers, and a persistent base of low-cost plastic alternatives.

Company	Positioning	Stage / Funding	Notable Differentiator	Source
Bubble Paper	Paper-based, curbside-recyclable protective packaging for e-commerce and industrial use.	Series A (~$16.5M total disclosed)	Proprietary paper-forming process; 100% paper, FSC certified, made in USA.	[Bubble Paper website] [SCbio, July 2024]
Ranpak	Global provider of paper-based packaging and automation systems.	Public (NYSE: PACK)	Full automation suite for void fill and wrapping; decades of scale and distribution.	[Public company filings]

The competitive map segments into three layers. The incumbent layer is anchored by Ranpak, a public company with a multi-decade head start in paper-based protective packaging and a significant installed base of automated systems. This creates a high barrier to entry in high-volume, automated fulfillment centers where integration and reliability are paramount. The challenger layer consists of newer entrants like Bubble Paper, which compete primarily on material innovation and sustainability claims rather than automation scale. The substitute layer remains vast, dominated by traditional plastic bubble wrap and air pillows, which compete almost entirely on cost and familiarity for many shippers.

Bubble Paper's current defensible edge is its specific material formulation and its backing from the South Carolina innovation ecosystem. The proprietary process for forming paper to mimic the cushioning properties of bubble wrap is a technical differentiator, and its products carry specific certifications (FSC, How2Recycle) that are marketing assets in sustainability-focused procurement. This edge is durable only if the company can translate it into protected intellectual property or manufacturing cost advantages. The reliance on regional grant funding and investment from SC Launch Inc. provides non-dilutive capital but does not constitute a broad market advantage against well-capitalized national or global players.

The company's most significant exposure is in distribution and scale. Ranpak and large plastic packaging distributors have entrenched relationships with major logistics and retail buyers, which are difficult for a smaller firm to dislodge without a compelling economic or regulatory driver. Bubble Paper has not publicly disclosed any partnerships with national logistics firms, large e-commerce platforms, or packaging distributors, which are critical channels for scaling volume. Furthermore, the company does not yet appear to compete in the automation segment, ceding the highest-margin, most sticky part of the market to Ranpak and others.

The most plausible 18-month scenario hinges on the adoption of packaging regulations or corporate sustainability mandates. If such pressures accelerate, Bubble Paper could win as a specialist supplier to mid-market brands seeking a certified, domestic, plastic-free alternative, potentially at the expense of generic plastic wrap manufacturers. Conversely, if the regulatory environment stalls and competition on pure cost persists, Bubble Paper could lose share to larger paper packaging firms that can use scale to lower prices or to next-generation biodegradable plastic alternatives that match its sustainability claims at a lower cost point.

Data Accuracy: YELLOW -- Competitor identification is clear, but detailed funding and differentiation for challengers beyond Ranpak are not publicly available for comparison.

Opportunity

PUBLIC

A successful execution by Bubble Paper could capture a meaningful share of the multi-billion dollar market for protective packaging, a segment historically dominated by single-use plastics and now under intense regulatory and consumer pressure to change.

The headline opportunity is for Bubble Paper to become the default sustainable alternative for e-commerce and industrial void-fill packaging in North America. The company's early traction within the South Carolina innovation ecosystem, including repeated grant funding and investment from SC Launch Inc., demonstrates a path to initial validation [SCRA]. The proprietary paper-forming process, developed by founder Benjamin Moore, is positioned as a technical wedge into a market where performance parity with plastic is non-negotiable [Charleston Business Magazine]. If Bubble Paper can prove its material protects goods as effectively as traditional bubble wrap while meeting corporate sustainability mandates, it could transition from a niche, eco-conscious supplier to a standard option for major logistics and retail operations.

Growth is not a single path; the company's product line suggests several plausible routes to scale.

Scenario	What happens	Catalyst	Why it's plausible
E-commerce Standard	Major online retailers adopt Bubble Paper mailers and wrap as a default or premium sustainable packaging option.	A public partnership or pilot with a national e-commerce brand seeking to reduce plastic use.	The product claims are tailored to e-commerce needs (curbside recyclable, FSC certified) [Bubble Paper website]. The lack of named national customers suggests this wedge is still open.
Industrial Void-Fill Dominance	Bubble Paper Pads become the preferred solution for filling empty space in industrial shipping containers and pallets.	A contract with a large manufacturer or 3PL provider under corporate sustainability goals.	The company explicitly targets the industrial and void-fill markets [LinkedIn]. Replacing plastic air pillows and foam in this high-volume segment represents a substantial TAM.
Cold Chain Specialist	Icebox Liners establish Bubble Paper as a leader in temperature-controlled, recyclable packaging for food and pharmaceuticals.	Regulatory shifts or retailer mandates banning expanded polystyrene (EPS) foam in cold chain packaging.	The dedicated Icebox Liner product shows early focus on a specialized, high-value adjacency where sustainability is a growing purchase driver [Bubble Paper website].

Compounding success would likely follow a classic hardware and materials playbook: initial design wins with early adopters lead to production scale, which drives down unit costs and improves margins. This cost improvement could then fund sales expansion into adjacent verticals or allow for competitive pricing to displace incumbents. A visible flywheel would be customer testimonials and case studies from initial deployments, reducing the perceived risk for the next tier of buyers. The company's SCRA membership and grant history suggest it has already begun this cycle within a supportive regional network, using non-dilutive funding to derisk the technology [SCRA].

The size of the win can be framed by looking at the established market leader, Ranpak, a publicly traded company specializing in paper-based packaging solutions. Ranpak reported revenue of approximately $336 million for the fiscal year 2023 [Ranpak Holdings Corp. Annual Report, 2024]. While Bubble Paper is at an earlier stage, a scenario where it captures even a single-digit percentage of the sustainable protective packaging segment could support a valuation significantly above its current estimated $51-77 million range [Dealroom, June 2024]. If the E-commerce Standard scenario plays out, securing a flagship retail customer could validate the business model for a broader Series B round at a premium to today's valuation (scenario, not a forecast).

Data Accuracy: YELLOW -- Growth scenarios are inferred from product claims and market targeting; specific catalysts and comparable sizing lack direct public corroboration.

Sources

PUBLIC

1. [Bubble Paper website, N/A] Our Story | https://www.bubblepaper.com/history

2. [Charleston Business Magazine, N/A] Paper, Not Plastic | https://www.charlestonbusinessmagazine.com/stories/paper-not-plastic,2968

3. [SCRA, N/A] SCRA Success Story - Bubble Paper | https://scra.org/stories/scra-success-story-bubble-paper/

4. [SCbio, July 2024] SC Launch Inc. Announces Third Investment In Bubble Paper | https://www.scbio.org/sc-launch-announces-third-investment-in-bubble-paper-2/

5. [Greenville Business Magazine, N/A] Paper, Not Plastic | https://www.greenvillebusinessmag.com/stories/paper-not-plastic,2968

6. [Upstate Business Journal, N/A] SCRA Presents Company, Founder, and Researcher of the Year Awards at Annual Summit | https://www.scra.org/scra-presents-company-founder-and-researcher-of-the-year-awards-at-annual-summit/

7. [Greenville Business Magazine, May 2025] Not publicly available |

8. [PitchBook] Bubble Paper 2026 Company Profile | https://pitchbook.com/profiles/company/181327-78

9. [LinkedIn] Bubble Paper | https://www.linkedin.com/company/bubblepaper

10. [Dealroom, June 2024] Bubble Paper | https://app.dealroom.co/companies/bubble_paper

11. [Grand View Research, 2024] Protective Packaging Market Size Report, 2024-2030 |

12. [Ranpak Holdings Corp. Annual Report, 2024] Ranpak Holdings Corp. 2023 Annual Report |