A new funding round led by Omnivore and Accel has seen $10 million raised by sustainable packaging startup Fibmold.
Fibmold, an environmentally friendly company founded in October 2022 by Param Gandhi and Vaibhav Garg, produces molded fiber packaging products that function similarly to rigid plastics. According to the startup, natural fibers such as bamboo, bagasse, husk, wheat straw, or even waste paper, depending on the final application, are used to make the packaging products.
Fibmold asserts that companies will be able to move away from single-use plastics by utilizing the environmentally friendly packaging products it produces.
Fibmold’s main rival in India is Cirkla, which in September raised $3 million in funding.
With its $150 million Omnivore Agritech and Climate Sustainability Fund, Omnivore has made two investments thus far.
