Biotech enterprise PeelOn secures $1 million in financing, with GrowX Ventures taking the lead, alongside other investors
In a significant move for the sustainable packaging industry, biotech startup PeelOn has announced that it has raised $1 million in its first funding round. The funding will be used to expand research and development, production facilities, sales, and regulatory teams, as the company aims to target an annual run rate of $1 million by the next financial year.
Founded in 2020, PeelOn develops biodegradable, compostable films for fruit and vegetable packaging. The startup, which operates on a business-to-business model, is partnering with farmers, exporters, and retailers to reduce single-use plastics in the fresh produce supply chain.
PeelOn has two flagship products: PeelOn-Fresh and PeelOn-Retail+. PeelOn-Fresh provides liners for bulk shipments, while PeelOn-Retail+ offers retail-ready bags infused with antimicrobial agents and ethylene scavengers. These innovative solutions are commercially deployed for various produce types in India, including cilantro, broccoli, leafy greens, rambutan, and bananas. The company is also piloting applications in high plastic-use categories such as milk pouches.
The funding round was led by GrowX Ventures, with participation from LINC and Lifeforce Capital. Boston Venture Group, Clean Energy Venture Group, and Climate Angels also participated in the funding round. PeelOn is now valued at $7.9 million after the funding round.
PeelOn's packaging incorporates natural additives that delay ripening, preserve freshness, and prevent bacterial or fungal infections. These features can extend the shelf life of fruits and vegetables by up to three times. The startup is also exploring blockchain-enabled traceability for carbon and shelf-life validation.
The market size for PeelOn's produce solutions in the US-Mexico corridor is over $1 billion, and the market in India includes both domestic and export markets, which are growing steadily. Currently, PeelOn derives 60% of its business from the US-Mexico corridor and 40% from India.
The funds raised will not only help PeelOn expand its operations but also support marketing campaigns for crops like leafy greens, bananas, and grapes. As the demand for sustainable packaging solutions grows, PeelOn is well-positioned to make a significant impact in the industry.
With four patents filed for its technology, PeelOn is working on global certifications and regulatory filings to ensure its products meet the highest standards of safety and sustainability. As the world continues to grapple with plastic waste and its environmental impact, PeelOn's innovative solutions offer a promising step towards a more sustainable future.
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