Sustainability-focused Cirkla secures $3M funding led by Matrix and Stellaris
The capital raised will be allocated towards expanding operations, reinforcing the sales team, and advancing their technological capabilities.
Cirkla, a sustainable packaging company, has secured approximately $3 million in pre-seed funding led by Matrix Partners India and Stellaris Venture Partners, with participation from other angel investors.
The capital raised will be allocated towards expanding operations, reinforcing the sales team, and advancing their technological capabilities.
US-based employs a three-stage approach to develop and implement eco-friendly packaging solutions—portfolio assessment, design and prototyping, and global fulfilment. With its proprietary Life Cycle Assessment (LCA) models, it assesses the environmental impact of a brand's packaging.
The company taps on teams in the US, India, and China to manufacture and distribute packaging solutions across various categories, such as moulded fibre, recycled polymers, pulp and paper etc. It has created a network of contract manufacturers across Asia, including China, Taiwan, Thailand, Vietnam, and India.
"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," Mayank Jain, Principal at Stellaris Venture Partners, said
"Cirkla, with its expert-led, asset-light platform is well poised to bridge this gap between brands and manufacturers,” Jain added.
The startup is guided by a trio of founders: Vaibhav Goel, an alumnus of IIT Bombay and the Kellogg School of Management; Ankur Gupta, with academic roots in IIT Kharagpur and ISB; and Kapil Bhardwaj, an alumnus of NMIMS and the Indian Institute of Packaging.
Before setting up Cirkla, the founders worked together to set up APAC/EMEA businesses for manufacturing technology company Zume's sustainable packaging vertical and scaled it to 25+ countries. Cirkla's primary mission is to assist brands in replacing virgin plastic and achieving their sustainable packaging objectives.
At present, the company has 25 members.
Edited by Kanishk Singh