Sustainable packaging firm Cirkla has made headlines by raising $3 million in a pre-seed funding round led by Matrix Partners India and Stellaris Venture Partners.
As per the startup, the freshly raised funds will be used to scale operations, strengthen the sales force, and invest in new technologies.
Several angel investors also participated in the funding round.
Cirkla | Sustainable packaging
Founded by Vaibhav Goel (IIT Bombay & Kellogg School of Management), Ankur Gupta (IIT Kharagpur & ISB), and Kapil Bhardwaj (NMIMS & Indian Institute of Packaging), Cirkla is a sustainable packaging firm that enables brands to meet their packaging sustainability goals. The firm achieves this through a three-step process that consists of portfolio assessment, design and prototyping, and global fulfilment.
Speaking about the development, Vaibhav Goel, Co-founder and CEO of Cirkla, stated that it’s one the rare instances where all participants within the value chain (consumers, manufacturers, and government) unite towards a common goal, underscoring the need and demand for sustainable packaging.
Goel added,
“We are excited to partner with Matrix and Stellaris on this journey and lead the charge towards revolutionizing the packaging industry to drive a positive environmental impact.”
The three-stage approach helps the startup develop and implement eco-friendly packaging solutions, helping its partner brands in their end-to-end journey. It employs its proprietary Life Cycle Assessment (LCA) models to assess the environmental impact of a brand’s packaging.
With footprints in the US, UK, EU, and India, the firm manufacture and distribute packaging solutions across various categories, such as recycled polymers, moulded fibre, pulp and paper, etc. The sustainable packaging firm has created a network of contract manufacturers across Asia, including India, China, Taiwan, Thailand, and Vietnam.
Statement from the Investor
Mayank Jain, Principal at Stellaris Venture Partners, talked about Cirkla and their mission to assist Consumer packaged goods (CPG) brands worldwide transition from plastic packaging to sustainable and biodegradable alternatives.
Commenting on the development, Jain said,
“We believe there is a ‘solution gap’ in the market – while CPG brands are looking for a roadmap and solution to transition to sustainable packaging, manufacturers are seeking specificity in design and material. Cirkla, with its expert-led, asset-light platform is well poised to bridge this gap between brands and manufacturers.”
As per a global survey by McKinsey, approximately 75 percent of organizations have made clear sustainable-packaging commitments. Despite this, fewer than 30 percent are well prepared to meet regional requirements and have clear metrics surrounding recyclability, sustainability, or recycled content.
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