Fibmold, a startup focused on sustainable packaging, has successfully obtained $10 million in funding from a round spearheaded by Omnivore and Accel.
Established in October 2022 by Param Gandhi and Vaibhav Garg, Fibmold specializes in the production of environmentally friendly molded fiber packaging items designed to replicate the versatility of rigid plastics.
The startup claims that its packaging items are created from natural fibers like bamboo, bagasse, husk, wheat straw, and even recycled paper, customized for their intended uses. These items are completely recyclable and biodegradable by nature. Fibmold argues that by embracing its sustainable packaging solutions, businesses can shift away from the use of single-use plastics.
The company highlights that although China dominates in the manufacturing and export of advanced molded fiber packaging, the industry in India is currently in its early stages of development.
Commenting on this, Co-Founder 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.”
Expanding on this, Garg mentioned that sustainable packaging holds the potential to substitute single-use plastics due to its equivalent performance, competitive costs, and rapid market entry.
This marks Omnivore’s second investment from its $150 million Omnivore Agritech & Climate Sustainability Fund.
In India, Fibmold competes with Cirkla, which secured $3 million in funding in September to scale its operations and fortify its sales team and technological innovations.
According to an IMARC study, the Indian green packaging market is projected to achieve a 7.24% compound annual growth rate (CAGR) by 2028.
Sustainability has emerged as a vital focal point for businesses across all industries, propelling the expansion of startups that provide sustainable solutions.
In August, the mining giant Vedanta unveiled its intentions to back more than 100 startups that offer sustainable solutions within the framework of the third installment of Vedanta Spark.
Furthermore, in June, Avaana Capital successfully raised $70 million for the initial closing of the Avaana Climate and Sustainability Fund.