GrowX Ventures, a deep-tech-focused venture capital firm, led a $1 million seed funding round for PeelON, a bio-tech startup that specializes in biodegradable, compostable packaging for fresh produce. Boston Venture Group, Clean Energy Venture Group, and Climate Angels also participated.
Key Highlights
- PeelON secures $1 million seed funding led by growX Ventures, valuing the company at $7.9 million.
- Funds will support R&D, production expansion in Visakhapatnam, and scaling sales and regulatory teams in India and the US.
According to a press release from PeelON, the fund will be used to start marketing campaigns, hire people for sales (USA and India), R&D, and regulatory compliance, as well as to expand R&D and production facilities in Visakhapatnam.
Taraka Ramji Moturu and Venkata Ravi Sankar Ummidi co-founded PeelON in 2020. The company creates plant-based films that can triple the shelf life of fruits and vegetables.In order to eradicate single-use plastics at every point of the fresh produce supply chain, it collaborates with farmers, exporters, and retailers using a business-to-business (B2B) model.
PeelON claims to have two flagship products that are designed to solve the problems associated with retail goods and bulk shipments, respectively. Its second product, PeelON-Retail+, offers retail-ready bags with ethylene scavengers and natural antimicrobial agents to preserve freshness and prevent food spoiling, while its first product, PeelON-Fresh, offers liners for bulk shipments.
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With customers in Maharashtra and Andhra Pradesh, India, as well as Texas, Florida, and California, the US, PeelON's solutions are being commercially implemented across crops like cilantro, broccoli, leafy greens, rambutan, and banana. In order to extend its solutions to other products, the company also maintains active partnerships with compostable materials labs and universities in the USA and India.
The company intends to start retail compostable packaging formats in the US and Canada, increase production capacity in India and the US, and establish itself as the preferred packaging option for sustainable exporters in Mexico, India, and Southeast Asia. Additionally, it intends to test a blockchain-powered traceability platform for shelf-life and carbon verification.
