Fibmold, a startup dedicated to sustainable packaging, recently announced that it has secured $10 million in funding from Omnivore and Accel. The company is currently working on developing eco-friendly molded fiber packaging that serves the same purpose as rigid plastics. The products are made from natural fibers, such as bamboo, bagasse, husk, wheat straw, or waste paper, depending on their intended use. They are 100% recyclable and naturally compostable, making them an environmentally conscious alternative to traditional packaging materials.

Globally, only 9% of plastic waste is recycled, while the majority is either mismanaged or left unprocessed. China currently dominates the production and export of advanced molded fiber packaging. In October 2022, Param Gandhi and Vaibhav Garg founded Fibmold after spending a decade in the packaging and manufacturing industry. "The sustainable packaging industry is a $300 billion opportunity. At Fibmold, we aim to help brands worldwide transition to eco-friendly packaging alternatives and ultimately eliminate their reliance on single-use plastics", said Gandhi.

Omnivore, an agritech-focused venture capital firm, has recently invested in Fibmold, a company that specializes in molded fiber. Omnivore's latest fund raised $150 million and focuses on startups that are developing technologies for agriculture, food, climate, and the rural economy. Fibmold is the second investment from this fund. The company believes that molded fiber is a viable alternative to plastic due to its comparable performance, cost competitiveness, and speed to market. According to Reihem Roy, a partner at Omnivore, Fibmold's founders' extensive experience and achievements, coupled with the company's unwavering dedication to environmental responsibility, make Fibmold a leading player in the sustainable materials industry.