AlterPacks, a Singaporean startup, has secured $1 million in pre-seed investment from Plug and Play APAC, Seed Capital, Earth Venture Capital, and angel investor Alice Foo.
To make their flexible, microwave- and freezer-safe, and home-compostable food storage containers, AlterPacks use discarded grains, a byproduct of the manufacture of food and beer.
With a business-to-business approach, the firm hopes to decrease food waste by replacing throwaway plastic containers. In addition to promoting environmental responsibility, AlterPacks is working to reduce the amount of food and packaging that ends up in landfills throughout the globe.
Between harvest and sale, around 14% of the world's food supply is lost. Lots of stuff is thrown away at both the retail and consumer levels, too. Waste accounts for around 17% of the world's food supply (11% in homes, 5% in food service, and 2% in retail).
By recycling edible scraps into takeaway containers, the firm is helping to mitigate two big environmental problems at once.
Since last December, customers have had access to AlterPacks' food containers, and the business is now working on bio-pellets, which are pellets created from wasted grains and other agricultural waste and are intended to replace petroleum-based resins in industrial applications.
With this fresh round of investment, AlterPacks will be able to bring its goods to the commercial market in regions including Asia, Australia, and Europe.
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