Sustainable Packaging Startup Fibmold, has raised $10 million to eliminate global brands reliance on single-use plastics. This funding round is aimed to propel the company as a frontrunner in the sustainable materials industry
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,” says Vaibhav Garg.
“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,” Prashanth Prakash, Partner at Accel stated.
The funding round was led by Omnivore and Accel.