Fibmold, a startup focused on eco-friendly packaging, receives $10 million in funding led by Omnivore and Accel.
- ByStartupStory | November 2, 2023
Mumbai-based startup Fibmold, founded by serial entrepreneurs Param Gandhi and Vaibhav Garg in October 2022, has successfully secured $10 million in funding through a round led by Omnivore and Accel. Fibmold is on a mission to revolutionize the packaging industry by developing eco-friendly moulded fibre packaging products to replace single-use plastics. These products are crafted from natural fibers, including bamboo, bagasse, husk, wheat straw, or even waste paper, depending on their intended use. Notably, all Fibmold products are not only 100% recyclable but also naturally compostable.
Param Gandhi, co-founder of Fibmold, emphasized the significant opportunity in the sustainable packaging sector, which is estimated to be a $300 billion market. He expressed the company’s dedication to helping global brands transition to eco-friendly packaging alternatives and ultimately reduce their reliance on single-use plastics.
Vaibhav Garg, the other co-founder, underlined the potential of moulded fibre as a viable replacement for plastic due to its performance parity, cost competitiveness, and speed in reaching the market.
Reihem Roy, Partner at Omnivore, acknowledged Fibmold’s commitment to environmental responsibility and its founders’ track record, positioning the company as a leader in the sustainable materials industry. This investment marks Omnivore’s second from their third fund, underscoring their commitment to fostering climate-smart solutions.
Prashanth Prakash, Partner at Accel, recognized the business potential presented by Fibmold in harnessing India’s abundance of agricultural by-products. He commended the startup for its use of advanced technology and scientific innovation to not only strengthen the Indian economy but also establish India as a global leader in sustainable packaging solutions.
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Fibmold’s innovative approach to sustainable packaging is poised to make a significant impact on the industry, as it offers an environmentally responsible alternative to single-use plastics while showcasing India’s potential as a global leader in sustainable solutions.
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