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Fibmold, a start-up focused on sustainable packaging, has raised $10 million from Omnivore and Accel. Fibmold is developing eco-friendly moulded fibre packaging products that mimic the functionality of rigid plastics. These products are manufactured from natural fibres, including bamboo, bagasse, husk, wheat straw, and even wastepaper, depending on the end-use, and are fully recyclable and naturally compostable, the company says.
The company was founded in October 2022 by Param Gandhi and Vaibhav Garg, who have over two decades’ experience in the packaging and manufacturing industry.
Fibmold’s sustainable packaging solutions offer an alternative to single-use plastics. China currently dominates the production and export of advanced moulded fibre packaging.
“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 Gandhi.
Reihem Roy, Partner at Omnivore, said, “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.”
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Prashanth Prakash, Partner at Accel, said, “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.”
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