USA – Sustainable packaging solutions provider, Cirkla has secured US$3 million in pre-seed funding to scale operations and invest in new technologies.
The latest funding round was led by Matrix Partners India, and Stellaris Venture Partners with the participation of angel investors.
According to Cirkla, it will utilize funds to scale operations, strengthen sales and invest in new technologies.
Matrix Partners India principal Sudipto Sannigrahi said: “At Matrix, we are excited about investing in technologies that help reduce carbon emissions and create a more sustainable world.
“We believe Cirkla’s sustainable packaging solutions that incorporate advancements in material science to reduce brands’ plastic emissions will be a crucial piece in the fight against climate change globally.”
Cirkla provides sustainable packaging solutions through a three-step process, consisting of portfolio assessment, design and prototyping.
Citing the survey by McKinsey, the company release stated that despite about 75 percent of organizations pledging to embrace sustainable packaging, only 30 percent have the capabilities to meet regional requirements and transparently measure metrics such as recyclability, sustainability, and recycled content.
Vaibhav Goel, Co-founder and CEO of Cirkla said: “It’s not often that we find instances where all participants within the value chain (consumers, manufacturers, and government) unite towards a common goal.
“According to various reports, the exceptional potential lies ahead for Cirkla, as the worldwide sustainable packaging sector is anticipated to double in size and exceed US$500 billion by the year 2030.
“We are excited to partner with Matrix and Stellaris on this journey and lead the charge towards revolutionizing the packaging industry to drive a positive environmental impact.”
Found in 2023, Cirkla has its footprints in the US, UK, EU, and India. The founders include Vaibhav Goel (IIT Bombay & Kellogg School of Management), Ankur Gupta (IIT Kharagpur & ISB), and Kapil Bhardwaj (NMIMS & Indian Institute of Packaging).
Mayank Jain, Principal at Stellaris Venture Partners, concluded: “We are thrilled to be chosen as partners in the mission to assist CPG brands worldwide transition from plastic packaging to sustainable and biodegradable alternatives.
“We believe there is a ‘solution gap’ in the market – while CPG brands are looking for a roadmap and solution to transition to sustainable packaging, manufacturers are seeking specificity in design and material. Cirkla, with its expert-led, asset-light platform is well poised to bridge this gap between brands and manufacturers.”
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