Astanor partners with Matrix Pack to further accelerate its industrial scale-up as part of its newly launched Growth Equity strategy
Nov 6th, 2025 – 07:30 AM Central European Time
Paris & Athens – Astanor, an impact-focused asset manager, has acquired a minority stake in Matrix Pack, a leading sustainable packaging company providing innovative paper- and pulp-based products to emblematic customers worldwide. The investment is among the first deployments of Astanor Growth, a new growth equity strategy focused on profitable, category-leading companies delivering measurable impact across the agrifood value chain. Capricorn Investment Group is the strategy’s cornerstone partner, reinforcing mission-aligned capital seeking to scale some of the most promising solutions amid a market slowdown in scale-up funding.
Astanor’s investment builds on Matrix Pack’s strong commercial momentum and its recently announced industrial partnership with Stora Enso, alongside the continued support of SouthBridge, an investor since 2022, and GemTech Investors. Leveraging funds secured through the EU Recovery and Resilience Facility (RRF) since 2023, the company has been strengthening its industrial base and will continue to invest in scaling production and innovation. The company’s management team will remain in place to lead its next phase of growth, expanding the product portfolio, customer reach, and global footprint.
Founded in 2009 and headquartered in Athens, Matrix Pack has evolved from a local Greek company into Europe’s leading producer of paper straws and a global innovator in molded-fiber packaging. The company recorded over €50 million in sales in 2024, delivering a strong c.30% CAGR over the last four years.
Since 2023, Matrix Pack has developed 3D wood-fiber molding that combines wet and dry technologies to produce durable, recyclable, and fully biodegradable packaging for the food-service industry. These fiber-based solutions are designed to replace single-use plastics, enable circular end-of-life pathways, and deliver robust performance at competitive cost. Matrix Pack’s proprietary processes combine advanced machinery, robotics, and custom fiber blends to allow high-precision shaping for food-service and consumer applications, such as straws, trays, cutlery, cups, and capsules, supporting superior unit economics and rapid adoption across Europe, North & South America, and Asia.
“We are proud to partner with Astanor as an international institutional investor,” said Lyberis Polychronopoulos, Chairman of Matrix Pack. “Together with Stora Enso and SouthBridge, their shared vision of transforming the agriculture and food sectors toward a more resilient and sustainable future aligns perfectly with our mission.”
“Matrix Pack’s deep expertise in fiber technologies and proven scalability make it a leader in replacing single-use plastics,” said Eric Archambeau, Founder & Senior Managing Partner at Astanor. “We are excited to launch Astanor Growth with this investment and support Matrix Pack in accelerating the transition to a more circular, regenerative packaging economy.”
About Matrix Pack
Matrix Pack is a leading international manufacturer of sustainable fiber-based packaging solutions, specializing in paper straws and molded fiber products. Founded in 2009, the company is headquartered in Athens, Greece, with 8 manufacturing facilities in 5 countries, including USA, UK, Greece, Bulgaria and Thailand. Matrix Pack grew rapidly into one of the largest producers of paper- and pulp-based packaging in Europe and beyond, now with presence in over 60 countries and more than 650 international customers. It offers innovative alternatives to single-use plastics that meet stringent performance, regulatory and sustainability standards, supplying emblematic food service and consumer brands. For more information, please visit: Matrix Pack.
About Astanor
Astanor is a global impact investment firm focused on seed through growth stage businesses across the entire agriculture and food value chain. Founded in 2017, Astanor counts circa 50 investments to date in Europe, North America and beyond, with likes of Monarch Tractor and La Fourche in its current portfolio. Astanor’s mission is to invest in and support visionary entrepreneurs and management teams building scalable solutions for the transition to regenerative agriculture, sustainable food production, and resilient supply chains. It maintains presence across Europe and North America, where Astanor Growth invests in category leading, profitable growth companies. For more information, please visit: Astanor.
About Capricorn Investment Group
Capricorn is a sustainable investment platform serving families, foundations, and institutional investors through select impact investment products. Recognized among leaders in sustainable investing, the firm manages $13 billion in assets under management. Capricorn aims to meet clients’ financial objectives while addressing the world’s most pressing challenges, seeking to deliver enhanced risk-adjusted returns through sustainable investing and to build sustainable wealth. For more information, please visit: Capricorn.
About SouthBridge
SouthBridge Europe Mezzanine II SCA SICAR (“SouthBridge”) is a €180m fund providing flexible financing to growth stage SMEs and lower-mid market companies. SouthBridge is backed by the European Investment Fund (EIF), the European Bank for Reconstruction and Development (EBRD) and the Hellenic Development Bank of Investments (HDBI) For more information, please visit: Southbridge.
About GemTech Investors
GemTech Investors is a European investment platform that unites experienced investors and accomplished entrepreneurs to back high-potential, R&D-driven companies. The organisation partners with exceptional management teams, providing capital alongside hands-on operational expertise, sector insight, and access to our international network. With a focus on growth acceleration, roll-up strategies, and international expansion, they operate with a flexible time horizon tailored to each company’s roadmap. The investment strategy targets industries where technology and innovation drive long-term value: Software & Digital Services, Industrial Technologies, and MedTech.
