Fibmold is creating environmentally-friendly molded fiber packaging solutions designed to replicate the versatility of rigid plastics
Fibmold, a start-up focused on sustainable packaging, has raised $10 million in a funding round led by Omnivore and Accel. The company is developing eco-friendly, moulded fiber packaging products that mimic the functionality of rigid plastics. These products are manufactured from natural fibers, including bamboo, bagasse, husk, wheat straw, or even wastepaper depending on the end-use, and they promise to give 100 per cent recyclable and naturally compostable.
Param Gandhi, Fibmold's co-founder, said, “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.”
Co-founder Vaibhav Garg added, “We truly believe moulded fibre is a viable replacement to plastic because of its performance parity, cost competitiveness, and speed to market.”
Reihem Roy, partner at Omnivore, stated, “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 catalyzing climate-smart solutions.”
Prashanth Prakash, partner at Accel observed, “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 start-up is not only strengthening the Indian economy but also forging India as a global leader in sustainable packaging solutions”.
Founded in October 2022 by Gandhi and Vaibhav Garg, Fibmold is the brainchild of two serial entrepreneurs boasting a collective experience of over two decades in the packaging and manufacturing industry. Their partnership dates back to 2012 when they ventured into the food service packaging industry with ValPack. The start-up was subsequently acquired by Huhtamaki, a global packaging industry leader.