Sustainable packaging startup Fibmold secures $10M funding from Omnivore, Accel

Fibmold is developing eco-friendly, molded fiber packaging products to replace single use plastics.

Sustainable packaging startup Fibmold secures $10M funding from Omnivore, Accel

Thursday November 02, 2023,

2 min Read

Fibmold, a startup focused on sustainable packaging, has secured $10 million in a funding round led by Omnivore and Accel.

Founded in October 2022 by serial entrepreneurs Param Gandhi and Vaibhav Garg, Mumbai-based Fibmold is developing eco-friendly, moulded fibre packaging products to replace single-use plastics. These products are manufactured from natural fibres, including bamboo, bagasse, husk, wheat straw, or even waste paper depending on the end-use, and they are 100% recyclable and naturally compostable.

“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," stated Param Gandhi.

“We truly believe moulded fibre is a viable replacement to plastic because of its performance parity, cost competitiveness, and speed to market,” added Vaibhav Garg.

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“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.

“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," commented Prashanth Prakash, Partner at Accel.

Edited by Affirunisa Kankudti