Sustainable Packaging Startup Fibmold Secures $10M Funding from Omnivore and Accel
- ByStartupStory | November 2, 2023
Mumbai-based startup Fibmold, dedicated to the development of sustainable packaging solutions, has successfully raised $10 million in a funding round, with leading contributions from Omnivore and Accel. Established in October 2022 by seasoned entrepreneurs Param Gandhi and Vaibhav Garg, Fibmold is on a mission to create eco-friendly, moulded fibre packaging products as alternatives to single-use plastics. These innovative products are crafted from natural fibers such as bamboo, bagasse, husk, wheat straw, and even waste paper, depending on their intended use. Notably, they are entirely recyclable and naturally compostable.
Param Gandhi, Co-founder of Fibmold, expressed the company’s mission, stating, “The sustainable packaging industry is a $300 billion opportunity. At Fibmold, we aim to assist brands globally in transitioning to eco-friendly packaging alternatives and ultimately eliminate their reliance on single-use plastics.”
Vaibhav Garg, Co-founder of Fibmold, added, “We truly believe moulded fibre is a viable replacement to plastic because of its performance parity, cost competitiveness, and speed to market.”
Reihem Roy, Partner at Omnivore, emphasized the significance of Fibmold’s commitment to environmental responsibility and its founders’ extensive track record, positioning the company as a leader in the sustainable materials sector. “This is our second investment from our third fund, and we remain committed to catalyzing climate-smart solutions,” Roy noted.
Prashanth Prakash, Partner at Accel, highlighted the vast potential of harnessing India’s agricultural by-products for Fibmold’s future endeavors. He commended the startup for its use of advanced technology and scientific innovation, contributing not only to the Indian economy but also establishing India as a global leader in sustainable packaging solutions.
Follow Startup Story
Related Posts
