Accel and Omnivore have contributed $10 million to the sustainable packaging firm Fibmold.
According to a statement from the business, it is currently working on environmentally friendly molded fibre packaging goods that behave similarly to rigid plastics.
“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,” Param Gandhi, co-founder of Fibmold said.
Natural fibres such as bamboo, or waste paper are used in the manufacturing process, depending on the final product. Their claims of being organically biodegradable and 100% recyclable are made.
“We truly believe moulded fibre is a viable replacement to plastic because of its performance parity, cost competitiveness and speed to market,” Vaibhav Garg co-founder of Fibmold said.
“Fibmold’s unwavering dedication to environmental responsibility, coupled with its founders’ extensive experience and achievements, position the company as a frontrunner in the sustainable materials industry,” said Reihem Roy, partner, Omnivore.
Fibmold is a 2022 business with a focus on sustainable packaging, founded by Param Gandhi and Vaibhav Garg. It creates packaging made of moulded fibre that is environmentally benign and functions similarly to that of rigid plastics.