AlterEco Pulp, a start-up active in ecological transition and specialising in the production of eco-sustainable packaging, has announced that it has closed a €3.5 million seed round. The round is led by Eureka! Fund I Technology Transfer, managed by Eureka! Venture, with the participation of the Azimut Eltif Venture Capital ALIcrowd III and IV funds and Open Venture. . The transaction also includes the conversion into capital of the €400,000 investment already made by CDP Venture Capital through the Relaunch Fund in 2023.
Founded in 2022 by the Corazzi family, Alter Eco is one of the first companies in Europe to develop cellulose fibre moulding technology, with the aim of creating truly sustainable packaging using plant fibres from annual plants such as bamboo and hemp, as well as agricultural by-products such as sugar cane and wheat straw.
The business plan, called Back to (H)Earth!, involves the construction of a state-of-the-art production plant capable of generating recyclable, compostable packaging that is consistent with the principles of the circular economy. Key activities also include a research and development area for the creation of an integrated supply chain ‘from the field to the pack to the field’.
Thanks to this round, Alter Eco Pulp aims not only to curb deforestation and reduce thousands of tonnes of CO₂, but also to offer customers a real and immediately applicable alternative to plastic or paper packaging, which still comes from the exploitation of forests, with a significantly lower environmental impact.
“At AlterEco, we believe that it is finally possible to reduce the use of plastic and paper in packaging, and we are demonstrating this in numerous sectors: from catering to electronics, pharmaceuticals and perfumery,” said Giammarco Paronitti, co-founder and CEO of Alter Eco Pulp, in a statement (pictured with the team). “The interest already shown by major international industrial groups confirms that our vision is the right one.”
Anna Amati, partner at Eureka! Fund, says: “What immediately struck us when we first met AlterEco was their profound technical expertise, knowledge and market relationships, combined with the managerial and execution skills that the team was able to demonstrate. In a highly competitive and rapidly growing market such as packaging, which is subject to significant regulatory changes, it is essential to be able to offer the market alternative, environmentally friendly and sustainable solutions derived from innovative cellulose extraction processes, as opposed to those used for traditional packaging and disposable products. Our investment will accelerate this innovation process and give the company a strong competitive advantage, which is essential for quickly conquering important markets.
Guido Bocchio, head of venture capital at Azimut Libera Impresa, states: “We are excited to become part of the shareholder structure of a company whose technology is geared towards the development of more eco-sustainable products with a high social impact. We strongly believe in the company’s potential to play a key role within the value chains in the single-use packaging sector, supporting more sustainable growth and increasingly environmentally friendly production processes.”
“We are delighted to have finalised our investment in Alter Eco Pulp in synergy with prestigious partners such as Eureka! and Azimut, building on a solid team of experienced entrepreneurs. Our participation fits perfectly with Open Venture’s strategy: to support start-ups with a distinctive competitive advantage in high-potential industries, such as the packaging supply chain, with a strong ESG focus,” adds Virginia Filippi, president of Open Venture. (photo by Sticker it on Unsplash)
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