Headquartered in US, a sustainable packaging start-up Cirkla has raised $3 million in a pre-seed funding round led by Matrix Partners India and Stellaris Venture Partners, with participation from prominent angel investors. The funds raised will be utilised to scale operations, strengthen the salesforce, and invest in new technologies.
Commenting on the successful funding round, Vaibhav Goel, co-founder, and CEO of Cirkla, expressed his enthusiasm, stating, “It's not often that we find instances where all participants within the value chain (consumers, manufacturers, and government) unite towards a common goal. We are excited to partner with Matrix and Stellaris on this journey and lead the charge towards revolutionising the packaging industry to drive a positive environmental impact.”
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Since its inception, Cirkla has forged partnerships with numerous global brands in CPG, food service, and healthcare, expanding its footprint across the US, UK, EU, and India.
Sudipto Sannigrahi, principal, Matrix Partners India, added, “We believe Cirkla’s sustainable packaging solutions that incorporate advancements in material science to reduce brands’ plastic emissions will be a crucial piece in the fight against climate change globally.”
Since its inception, Cirkla has forged partnerships with numerous global brands in CPG, Food Service, and Healthcare, expanding its footprint across the US, UK, EU, and India.
A recent global survey conducted by McKinsey reveals that despite about 75 per cent of organisations 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. Brands face formidable challenges in defining the right sustainability metrics, identifying and prototyping viable alternatives, and de-risking their supply chain for global manufacturing and delivery.
