Startup funding: Sustainable packaging startup Cirkla on Tuesday announced raising $3 million in a pre-seed funding round led by Matrix Partners India, and Stellaris Venture Partners. The seed funding round also saw the participation of angel investors. According to Cirkla, it will utilise funds to scale operations, strengthen sales and invest in new technologies.
Cirkla provides sustainable packaging solutions through a three-step process, consisting of portfolio assessment, design and prototyping. Citing the survey by McKinsey, the company release stated that despite about 75 per cent of organizations pledging to embrace sustainable packaging, only 30 per cent have the capabilities to meet regional requirements and transparently measure metrics such as recyclability, sustainability, and recycled content.
Vaibhav Goel, Co-founder and CEO of Cirkla, said, “It’s not often that we find instances where all participants within the value chain (consumers, manufacturers, and government) unite towards a common goal. According to various reports, exceptional potential lies ahead for Cirkla, as the worldwide sustainable packaging sector is anticipated to double in size and exceed $500 billion by the year 2030. 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.”
Found in 2023, the company has its footprints in the US, UK, EU, and India. The founders include Vaibhav Goel (IIT Bombay & Kellogg School of Management), Ankur Gupta (IIT Kharagpur & ISB), and Kapil Bhardwaj (NMIMS & Indian Institute of Packaging).
Mayank Jain, Principal at Stellaris Venture Partners, said, “We are thrilled to be chosen as partners in the mission to assist CPG brands worldwide transition from plastic packaging to sustainable and biodegradable alternatives. 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.”
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Stellaris is an early-stage, tech-focused VC firm that works with startups at nascent stages to help them turn into resilient businesses. Since its inception in 2017, Stellaris has backed many startups such as Mamaearth, Whatfix, Propelld, Ayu Health, Turno, Rigi, and others.