GrowX Ventures

PeelOn raises USD 1m seed round for compostable packaging film

Indian biotech startup PeelOn has closed a USD 1m seed round led by GrowX Ventures, with participation from Boston Venture Group, Clean Energy Venture Group and Climate Angels, valuing the company at USD 7.9m. The company makes a compostable film using plant-derived additives that it says triples produce shelf life. Proceeds will fund R&D and production in Visakhapatnam, expand sales and regulatory teams in India and the US, and support produce-specific certification campaigns.

Why this mattersEarly-stage capital is backing compostable films that extend produce shelf life, though USD 1m leaves PeelOn well short of commercial-scale supply.

• PeelOn raised USD 1m in its first funding round.
• The round was led by GrowX Ventures with Boston Venture Group, Clean Energy Venture Group and Climate Angels participating.
• The company is valued at USD 7.9m post-round.
• PeelOn's compostable film uses plant-derived additives and is said to triple produce shelf life.
• Funds will go toward R&D and production expansion in Visakhapatnam, India.
• The company plans to expand sales and regulatory teams in India and the US.

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