INDIA – Fibmold, a sustainable packaging startup, has successfully raised US$10 million in a seed funding round led by Omnivore and Accel, and will be used to support the expansion of Fibmold’s business operations.
Founded in 2022, Fibmold is developing eco-friendly molded fiber packaging products that imitate the functionality of rigid plastics.
These products are manufactured from natural fibers, such as bamboo, bagasse, husk, wheat straw, and even wastepaper, depending on their intended use. The company claims that these products are fully recyclable and naturally compostable.
The funding raised will be used to further develop Fibmold’s product line, expand its manufacturing capabilities, and scale its operations to meet the growing demand for sustainable packaging solutions.
The company plans to utilize advanced technologies and automation to enhance production efficiency and reduce costs.
Fibmold’s sustainable packaging solutions offer an alternative to single-use plastics. China currently dominates the production and export of advanced molded fiber packaging.
“The sustainable packaging industry is a US$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,” said Gandhi, co-founder of Fibmold.
Vaibhav Garg, Co-founder of Fibmold, added, “We firmly believe that molded fiber is a viable alternative to plastic due to its comparable performance, cost competitiveness, and speed in reaching the market.”
With the support of Omnivore and Accel, Fibmold is well-positioned to drive innovation in the packaging industry and contribute to a more sustainable future.
The company aims to make its eco-friendly packaging solutions accessible and affordable for businesses across various industries.
Fibmold is Omnivore’s second investment from its third fund. The agritech-focused venture capital firm has raised US$150 million for the first close of its latest fund, which is dedicated to supporting startups that develop technologies for agriculture, food, climate, and the rural economy.
Reihem Roy, a Partner at Omnivore, stated, “Fibmold’s unwavering dedication to environmental responsibility, combined with the founders’ vast experience and accomplishments, positions the company as a leader in the sustainable materials industry.
“This is our second investment from our third fund, and we remain committed to catalyzing climate-smart solutions.”
Weighing in on the investment, Prashanth Prakash, Partner at Accel, commented, “By harnessing India’s abundant agricultural by-products in the future, Fibmold presents a tremendous business opportunity.
“Through advanced technology and scientific innovation, the startup is not only bolstering the Indian economy but also positioning India as a global leader in sustainable packaging solutions.”
