Sustainable Packaging Startup Fibmold Secures $10 Mn Funding From Omnivore, Accel
Summary
Sustainable packaging startup Fibmold has secured $10 Mn funding in a round led by Omnivore and Accel.Founded in October 2022 by Param Gandhi and Vaibhav Garg, Fibmold manufactures eco-friendly, moulded fibre packaging products that mimic the functionality of rigid plastics.The startup asserts that its packaging products are crafted from natural fibers such as bamboo, bagasse, husk, wheat straw, and even waste paper, tailored to their specific applications. These products are fully recyclable and naturally biodegradable. Fibmold contends that by adopting its eco-friendly packaging solutions, companies can transition away from single-use plastics.The firm notes that while China leads in the production and export of sophisticated molded fiber packaging, the industry in India is still in its nascent stages.Commenting on this, cofounder Gandhi said, The sustainable packaging industry is a $300 Bn 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.Further adding to this, Garg said that the potential of sustainable packaging in the replacement of single use plastics because of its performance parity, cost competitiveness and speed to market.This is Omnivores second investment from its $150 Mn Omnivore Agritech & Climate Sustainability Fund.In India, Fibmold competes directly with Cirkla, which secured $3 Mn funding in September, to scale its operations and strengthen its sales team and tech innovation.IMARC study found that the Indian green packaging market is expected to grow at 7.24% CAGR by 2028.Sustainability has become a crucial thing to focus on, for businesses in every sector. This has driven the growth of startups offering sustainable solutions.In August, mining giant Vedanta announced plans to support over 100 startups offering sustainable solutions, as part of the third edition of Vedanta Spark.Also, in June, Avaana Capital secured a $70 Mn for its first close in Avaana Climate and Sustainability Fund.