cirkla funding: Eco-friendly packaging firm Cirkla raises $3 million in funding from Matrix Partners, Stellaris Venture

Cirkla, a sustainable packaging company, has raised $3 million in a pre-seed funding round that was led by venture capital firms Matrix Partners India and Stellaris Venture Partners.

The round also saw participation from other prominent angel investors.

In a statement, the startup said it will utilise the fresh capital to expand operations, strengthen the salesforce, and invest in new innovative technologies.

Founded earlier this year by Vaibhav Goel, Ankur Gupta and Kapil Bhardwaj, US-based Cirkla provides a comprehensive eco-friendly packaging platform. It offers brands with the tools and expertise to evaluate the environmental impact of packaging, create sustainable alternatives and facilitate large-scale manufacturing processes.

“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,” said Goel, the startup’s cofounder and CEO.

Cirkla follows a three-step strategy to assist brands in achieving sustainable packaging solutions. This process involves evaluating the brand’s portfolio, creating designs and prototypes, and managing worldwide distribution. Cirkla produces and delivers packaging in diverse categories, including moulded fibre, recycled polymers, pulp and paper, as well as other cutting-edge technologies.

Commenting on the investment, Sudipto Sannigrahi, principal, Matrix Partners India, said, “At Matrix, we are excited about investing in technologies that help reduce carbon emissions and create a more sustainable world. We believe Cirkla’s sustainable packaging solutions, which incorporate advancements in material science to reduce brands’ plastic emissions, will be a crucial piece in the fight against climate change globally.”Matrix Partners India has engaged in 665 investment activities, while Stellaris Venture Partners has been involved in 70 investments so far.

Cirkla has established collaborations with many global brands in the consumer packaged goods (CPG) space, food services, and healthcare sectors. These partnerships have enabled the company to extend its presence in the US, the UK, the European Union, and India.

Commenting on the investment, Mayank Jain, principal at Stellaris Venture Partners, 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.”

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