Cirkla, a startup that creates environmentally friendly packaging, has raised $3 million in a pre-seed fundraising round that was jointly managed by Matrix Partners India and Stellaris Venture Partners.
Other renowned angel investors took part in the round as well. The business said in a statement that it plans to use the additional funding to boost sales, expand operations, and purchase cutting-edge technology.
“According to various reports, exceptional potential lies ahead for Cirkla, as the worldwide sustainable packaging sector is anticipated to double in size and exceed $500 billion by the year 2030,” said Goel, the startup’s cofounder and CEO.
Cirkla uses a three-step process to help brands find environmentally friendly packaging options. In this process, the brand’s portfolio is assessed, designs and prototypes are made, and global distribution is managed. In addition to other cutting-edge technologies, Cirkla creates and supplies packaging in a variety of categories, including pulp and paper, recycled polymers, molded fiber, and recycled polymers.
“A portion of the funding will go into developing new solutions. On the R&D side, we are investing in newer technologies, which we are doing in partnership with multiple kinds of institutions in India. Over the next 2-3 months we will be announcing those partnerships as well. This will then create new categories for us and will enable us to broaden the solutions, but they are for the long term,” Goel told ET in an interaction.
Commenting on the investment, Mayank Jain, principal at Stellaris Venture Partners, said, “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. Cirkla, with its expert-led, asset-light platform is well poised to bridge this gap between brands and manufacturers.”
Cirkla helps brands achieve their objectives for sustainable packaging. A variety of sustainability objectives have been taken up by brands, including becoming plastic-free, 100% recyclable, 90% PCR, etc. The route there, nevertheless, is difficult. Customized solutions must be developed that are performant without sacrificing commercial viability or economic viability.
Cirkla is committed to balancing economic growth and sustainability. The founding team has experience working for startups, strategic consulting firms, and well-known CPG companies like Unilever, P&G, and J&J, as well as creating numerous businesses from the bottom up. We have a strong desire to make money while also having a positive impact on the world.