While eco-friendly initiatives to minimise the use of single-use plastic are on the rise; most corporations still rely on it for packaging due lack of alternatives which are cost effective and have the desired properties. Fibmold is working towards this crucial transition with their eco-friendly moulded fibre packaging products. Promoting a resourceful replacement meant to mimic the functionality of rigid plastic. Recently, the startup secured $10 million in a funding round led by Omnivore and Accel. This marks Omnivore’s second investment from its Omnivore Agritech and Climate Sustainability Fund.
“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,” said co-founder Param Gandhi.
According to a company statement, sustainable packaging solutions are well on their way to replacing single-use plastics. This is made possible because of their performance parity, cost competitiveness, and speed to market. While China leads the production and export of moulded fibre packaging, the industry in India is on a promising rise. This investment will likely to help Fibmold further develop and scale their eco-friendly packaging products.
“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 catalysing climate-smart solutions,” said Reihem Roy, Partner at Omnivore.
About Fibmold
Established in 2022, Fibmold is led by Param Gandhi and Vaibhav Garg; serial entrepreneurs with extensive experience in packaging and manufacturing. Fibmold is developing eco-friendly moulded fibre packaging made from natural materials like bamboo, bagasse, husk, wheat straw, or waste paper.
These products are 100% recyclable and naturally compostable, offering a sustainable alternative to single-use plastics. Fibmold’s solutions enable businesses to shift away from plastic usage. Sustainable and moulded pulp packaging is expected to rise at a rate of over 8% CAGR from 2023 to 2032 in Asia-Pacific.
“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,” said Prashanth Prakash, Partner at Accel.
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