Alterpacks, a Singapore-based provider of biodegradable food containers, has closed its $1 million pre-seed funding round.
Plug and Play APAC led the round with participation from SEEDS Capital and Earth Venture Capital. Angel investor Alice Foo also joined.
The money will increase food container production and food container supply in key markets in Asia, Australia and Europe.
Alterpacks was founded in 2019 to fight the single-use plastic problem.
The company gives new economic value to spent grains, a by-product of the food manufacturing process, after making malt beverages like Milo or beer. The grains are currently used as animal feed, processed into fertilizer or disposed of in landfills.
Alterpacks turns food grains into containers that can be molded into any shape. In this way, food losses in manufacturing are recycled to create a biodegradable and home compostable material that replaces plastic food containers.
Also Read: How the All-Electric, Self-Driving Clearbot is Helping Tackle Ocean Plastic Pollution in Asia
The company works with various F&B companies, processors and manufacturers to develop bespoke, sustainable packaging solutions at scale.
Alterpack containers are 100 percent organic and range from the freezer to the microwave. The startup is also making biopellets to replace petroleum-based resins used in standard manufacturing machines today, replacing the raw material with other forms of agricultural waste.
In 2022, the company introduced its food containers at the Motor GP event in Mandalika, Indonesia. It has worked with the United Nations Development Program to tackle plastic pollution in Indonesia.
In Vietnam, the company tested the product with Pizza 4P’s, a well-known F&B brand with over 26 restaurants.
The startup is supported by the Temasek Foundation and was created by the Business Innovation Generator of Singapore Management University’s Institute of Innovation and Entrepreneurship.
CEO Karen Cheah said, “The genesis of AlterPacks is in the garbage. As countries try to produce more food, we turn our attention to what is being left behind and thrown away with the food waste and losses, and use that as a raw material to replace plastic packaging.”
Fundraising or preparing your startup for fundraising? Build your investor network, search among 400+ SEA investors on e27 and connect or get fundraising insights. Try e27 Pro for free today.
Post-biodegradable food container startup Alterpacks raises $1 million in funding appeared first on e27.