Sustainable packaging start-up Fibmold raises $10M from Omnivore, Accel
Fibmold, a start-up focused on sustainable packaging, has raised a $10 million round led by Omnivore and Accel. Fibmold is developing eco-friendly, molded fiber packaging products that mimic the functionality of rigid plastics.
Team RuralVoice
Fibmold, a start-up focused on sustainable packaging, has raised a $10 million round led by Omnivore and Accel. Fibmold is developing eco-friendly, molded fiber packaging products that mimic the functionality of rigid plastics.
These products are manufactured from natural fibers, including bamboo, bagasse, husk, wheat straw, or even waste paper depending on the end-use, and they are 100% recyclable & naturally compostable. With only 9% of plastic waste globally being recycled, and the majority mismanaged or left unprocessed, the environmental challenges are substantial. Fibmold’s sustainable packaging solutions will enable various industries to shift away from single-use plastics.
China currently dominates the production and export of advanced molded fiber packaging, whereas the market in India is just beginning to take shape. However, Fibmold's entry promises to ignite the growth of the molded fiber packaging industry in India.
Founded in October 2022 by Param Gandhi and Vaibhav Garg, Fibmold is the brainchild of two serial entrepreneurs boasting a collective experience of over two decades in the packaging and manufacturing industry. Their partnership dates back to 2012, when they ventured into the food service packaging industry with ValPack. The startup was subsequently acquired by Huhtamaki, a global packaging industry leader.
Param Gandhi said, “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 added, “We truly believe molded fiber is a viable replacement to plastic because of its performance parity, cost competitiveness and speed to market.”
Reihem Roy, Partner at Omnivore, stated, “Fibmold's unwavering dedication to environmental responsibility, coupled with its founders' extensive experience and achievements, positions the company as a frontrunner in the sustainable materials industry. This is our second investment from our third fund, and we remain committed to catalyzing climate-smart solutions.”
Prashanth Prakash, Partner at Accel observed, “By harnessing India's abundance of agricultural by-products in the future, Fibmold presents a tremendous business opportunity. Through advanced technology and scientific innovation, the startup is not only strengthening the Indian economy but also forging India as a global leader in sustainable packaging solutions”.
