GrowX Ventures, a deep-tech-focused venture capital firm, led a $1 million seed funding round for PeelON, a bio-tech startup that specializes in biodegradable, compostable packaging for fresh produce. Boston Venture Group and Clean Energy Venture Group also participated.
According to a press release from PeelON, the money will be used to start marketing campaigns, hire people for sales in the USA and India, expand R&D and production facilities in Visakhapatnam, and comply with regulations.
Taraka Ramji Moturu and Venkata Ravi Sankar Ummidi co-founded PeelON in 2020. The company creates plant-based films that can triple the shelf life of fruits and vegetables. It uses a business-to-business (B2B) model, collaborating with farmers, exporters, and retailers to eradicate single-use plastics throughout the supply chain for fresh produce.
PeelON claims to have two flagship products that are designed to solve the problems associated with retail goods and bulk shipments, respectively. Its second product, PeelON-Retail+, offers retail-ready bags with ethylene scavengers and natural antimicrobial agents to preserve freshness and prevent food spoiling, while its first product, PeelON-Fresh, offers liners for bulk shipments.
With customers in Maharashtra and Andhra Pradesh, India, as well as Texas, Florida, and California, the US, PeelON’s solutions are being commercially implemented across crops like cilantro, broccoli, leafy greens, rambutan, and banana. In order to extend its solutions to other products, the company also maintains active partnerships with compostable materials labs and universities in the USA and India.
The company intends to increase production capacity in the US and India, establish retail compostable packaging formats in the US and Canada, and establish itself as the preferred packaging option for sustainable exporters in Mexico, India, and Southeast Asia. A blockchain-enabled traceability platform for carbon and shelf-life validation is also being piloted.
