Matrix Partners India Leads $3M Investment in Eco-Friendly Packaging Startup, Cirkla
Cirkla, a forward-thinking sustainable packaging startup, has successfully secured an impressive $3 million (equivalent to Rs 24.8 crore) during a pre-seed funding round. This noteworthy achievement was made possible through the strong leadership of Matrix Partners India, with valuable contributions from Stellaris Venture Partners and a cohort of esteemed angel investors.
According to the startup, the raised funds will be put to use in expanding operations, bolstering the salesforce, and making strategic investments in cutting-edge technologies.
Cirkla, founded in 2023 by Vaibhav Goel (alumnus of IIT Bombay and Kellogg School of Management), Ankur Gupta (alumnus of IIT Kharagpur and ISB), and Kapil Bhardwaj (alumnus of NMIMS and the Indian Institute of Packaging), specializes in assisting brands in achieving their sustainability packaging objectives through a meticulously crafted three-phase approach. This extensive procedure includes portfolio evaluation, design and prototype, and global delivery.
Within the portfolio assessment phase, the startup harnesses its exclusive Life Cycle Assessment (LCA) models to meticulously evaluate the environmental footprint of a brand’s packaging. This enables Cirkla to intelligently prioritize SKUs for the greatest sustainability impact, ensuring a more eco-conscious approach to packaging solutions.
Afterward, Cirkla’s talented in-house packaging experts craft innovative packaging options that not only fulfill performance requirements but also keep costs in check.
Furthermore, the company harnesses its worldwide reach and collaborates with teams in India, China, and the United States to produce and distribute packaging solutions across a wide array of categories. These encompass molded fiber, recycled polymers, pulp and paper, as well as various other cutting-edge technologies.
In accordance to a recent McKinsey global survey, while around 75 percent of organizations have made firm commitments to adopt eco-friendly packaging, only about 30% have the capacity required to adhere to local regulations and, more importantly, clearly gauge key metrics such as recyclability, sustainability, and recycled content. Brands have substantial challenges in setting precise sustainability benchmarks, finding and testing potential alternatives, and assuring the security of their supply chains for seamless worldwide manufacture and delivery.
Cirkla is determined to tackle these challenges head-on through its comprehensive end-to-end packaging platform. This innovative platform equips brands with the essential tools and expertise required to evaluate the environmental impact of their packaging, create sustainable alternatives, and streamline large-scale manufacturing processes.
In a rare convergence, stakeholders from across the whole value chain – including consumers, manufacturers, and government bodies – are working toward a common goal. Cirkla’s Co-founder and CEO, Vaibhav Goel, is confident about the company’s future, citing many reports that anticipate extraordinary potential. Globally, the sustainable packaging market is expected to double in size, hitting $500 billion by 2030.
This rise in growth not only indicates a prosperous future for Cirkla, but also represents a broader commitment to a more sustainable and environmentally sensitive world.
The emerging company asserts that it has established collaborative alliances with a multitude of global enterprises spanning the realms of Consumer Packaged Goods (CPG), Food Service, and Healthcare, thereby extending its presence across key territories including the United States, the United Kingdom, the European Union, and India.
In articulating their mission, they posit the existence of a ‘solutioning gap’ within the market. On one front, CPG brands are actively seeking guidance and actionable strategies for transitioning towards sustainable packaging solutions. Concurrently, manufacturers are in pursuit of precise design specifications and materials. It is within this dynamic landscape that Cirkla, boasting an expert-driven, streamlined operational approach, stands primed to act as the vital bridge connecting these aspirations of brands and manufacturers.
Mayank Jain, Principal at Stellaris Venture Partners, elaborated on this, stating, ‘We firmly believe that Cirkla is uniquely positioned to foster collaboration and innovation. With a judicious blend of expertise and a nimble operational model, they are set to make significant strides in closing the gap between the aspirations of brands and the capabilities of manufacturers.
