Fibmold, a sustainable packaging startup, has made headlines by securing $10 million in funding from Omnivore and Accel. The sustainable packaging startup aims to squire brands globally in transitioning to eco-friendly packaging alternatives.
As per the startup, it is currently developing eco-friendly, molded fibre packaging products that emulate the functionality of rigid plastics.
Fibmold | Sustainable Packaging
Founded by Param Gandhi and Vaibhav Garg in 2022, Fibmold is a sustainable packaging startup that develops eco-friendly, molded webbing packaging products. Manufactured from natural fibres, which include bamboo, husk, wheat straw, or waste paper, depending on the end use, these packaging products are personal to be 100% recyclable and naturally compostable.
Speaking well-nigh the development, Param Gandhi, Co-founder of Fibmold, highlighted that the sustainable packaging industry offers a $300-billion opportunity. Gandhi added,
“At Fibmold, we aim to squire brands globally in transitioning to eco-friendly packaging alternatives and ultimately eliminate their reliance on single-use plastics.”
Fibmold Co-founders (L-R): Param Gandhi and Vaibhav Garg
Statement from the Investors
Commenting on the development, Reihem Roy, Partner at Omnivore, stated that Fibmold’s unwavering dedication to environmental responsibility and wide-stretching wits and achievements of the founding team positions the sustainable packaging startup as a top prospect in the sustainable materials industry.
Roy added,
“This is our second investment from our third fund, and we remain single-minded to catalyzing climate-smart solutions.”
Prashanth Prakash, Partner at Accel, stated that Fibmold, by harnessing India’s zillions of agricultural by-products in the future, presents a massive merchantry opportunity. Prakash widow that Fibmold, through wide technology and scientific innovation, not only is strengthening the Indian economy but moreover developing the nation as a global leader in sustainable packaging solutions.
In September, sustainable packaging firm Cirkla unsober $3 million in a pre-seed funding round to scale operations, strengthen the sales force, and invest in new technologies. The funding round was led by Matrix Partners India and Stellaris Venture Partners.
A global survey by McKinsey highlighted that approximately 75 percent of organizations have made well-spoken sustainable packaging commitments. Despite these commitments, fewer than 30 percent of these firms are well prepared to meet regional requirements and have well-spoken metrics surrounding sustainability, recycled content, and recyclability.
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