Sustainable packaging startup Fibmold has raised $10 million in a new round led by Omnivore and Accel.
Founded in October 2022 by Param Gandhi and Vaibhav Garg, Fibmold manufactures eco-friendly, molded fiber packaging products that mimic the functionality of rigid plastics. The startup claims to manufacture the packaging items from natural fibers, including bamboo, bagasse, husk, wheat straw, or even waste paper depending on the end-use.
Fibmold claims that using the sustainable packaging products it manufactures, businesses will be able to shift away from single-use plastics.
In India, Fibmold competes directly with Cirkla, which raised $3 million funding in September.
This is Omnivore’s second investment from its $150 million Omnivore Agritech and Climate Sustainability Fund.