Melissa LaCasse, CEO of Tanbark, won LaunchPad and its $50,000 prize. (Photo/GSB)

Tanbark Molded Fiber Products, a Portland-based company that wants to replace single-use plastic packaging with a sustainable option, has won the 2022 LaunchPad business pitch competition and its $50,000 first-place cash prize.

The company, which recently raised a $1.7 million seed round, was chosen from among five finalists who pitched Tuesday afternoon to an independent panel of judges, as well as family, friends, and supporters watching in-person at Innovation Hall on UNE’s Portland Campus.

Melissa LaCasse, Tanbark’s co-founder and CEO, impressed the judges with a detailed, succinct pitch that touched on the company’s market strategy, scalability, and intellectual property. She also explained how Tanbark fills a much-needed void in the packaging industry with a sustainable solution that utilizes Maine’s natural resources (wood fiber) and labor.

The company manufactures Type 3 molded fiber packaging, one of the best replacements for single-use plastic and styrofoam. This type of packaging is not new (in fact, it was created 100 years ago in Maine), but the company’s innovation is its technology and equipment, which allows Tanbark to provide lower-volume custom solutions for small- and medium-sized businesses looking to replace plastic or onshore their supply chain.

The other four finalists were Bookclubs, True Fin, Maine Food Group, and Studio e Flett Design.

“The quality of the pitches this year was phenomenal. It was a privilege to watch,” Steve deCastro, president and CEO of Gorham Savings Bank, said in a statement. “It’s encouraging to see that innovation culture continues to thrive in Maine. I have no doubt that all the LaunchPad finalists will be successful entrepreneurs.”

Other winners

Gorham Savings Bank also honored an entrepreneur in the Emerging Business Award category. From a group of an additional five finalists selected from LaunchPad applicants, Portland-based African language learning app NKENNE earned the distinction, along with a $10,000 grant and $10,000 worth of in-kind marketing, business development, and public relations services. The other four Emerging finalists, who showcased pre-recorded video pitches, were Eskuad, FibrWorks, Ocean Farm Supply and pumpspotting.

During the event, Gorham Savings Bank also unveiled a surprise $5,000 grant, made possible in part by an anonymous donor. That grant went to Portland-based sustainable seafood distributor True Fin (formerly Gulf of Maine Sashimi).

Since the first LaunchPad in 2013, Gorham Savings Bank has provided more than $450,000 in grants to small businesses.

This year’s judges were Chris Claudio, founder and CEO of Growth Axis; Catherine Cloudman, president and CEO of CHC Advisors LLC; and Kristine Delano, a Women in ETFs board member and host of the WE Talk Careers podcast. Michelle Neujahr emceed the event again this year.

You can watch a replay of the livestream at gorhamsavings.bank/launchpad.