PeelON: Biodegradable Packaging Startup Secures Funding
PeelON, a biotechnology startup focusing on biodegradable and compostable packaging for fresh produce, has successfully secured $1 million in a seed funding round. This round was led by the deep-tech venture capital firm growX Ventures, with participation from Boston Venture Group, Clean Energy Venture Group, and Climate Angels. The funds will be utilised to enhance research and development, expand production capabilities in Visakhapatnam, and recruit personnel for sales in the USA and India, as well as for R&D and regulatory compliance. Additionally, PeelON plans to initiate marketing campaigns, as stated in a recent press release.
Innovative Solutions for Sustainable Packaging
PeelON was co-founded in 2020 by Taraka Ramji Moturu and Venkata Ravi Sankar Ummidi. The company has developed plant-based films that significantly extend the shelf life of fruits and vegetables by up to three times. Operating under a business-to-business model, PeelON collaborates with farmers, exporters, and retailers to eliminate single-use plastics throughout the fresh produce supply chain.
Flagship Products by PeelON
As part of its offerings, PeelON provides two primary products designed to tackle the unique challenges of bulk shipments and retail products. The first, PeelON-Fresh, delivers liners specifically for bulk shipments, whereas the second, PeelON-Retail+, includes retail-ready bags infused with natural antimicrobial agents and ethylene scavengers. These enhancements help maintain freshness and mitigate food spoilage.
Commercial Deployment Across Regions
PeelON’s innovative solutions are currently being commercially utilised for various crops including cilantro, broccoli, leafy greens, rambutan, and bananas. Their clients span regions such as Maharashtra and Andhra Pradesh in India, as well as states like Texas, Florida, and California in the USA. The company is also engaged in active collaborations with universities and compostable material laboratories in both the USA and India, aiming to broaden its product offerings.
Future Growth Plans for PeelON
Looking ahead, PeelON intends to increase its production capacity in India and the USA and aims to become the preferred packaging solution for sustainable exporters in India, Mexico, and Southeast Asia. Furthermore, the company plans to introduce retail compostable packaging formats in the United States and Canadian markets. They are also exploring the implementation of a blockchain-enabled traceability platform for carbon tracking and shelf-life validation.