AlterEco Pulp, a Rome-based startup specializing in eco-sustainable packaging for the ecological transition, has secured €3.5 million in its Seed funding round.
Leading the round was Eureka! Fund I – Technology Transfer, managed by Eureka! Venture SGR, with AZIMUT ELTIF – Venture Capital ALIcrowd III and IV, and Open Venture joining in. The round also involved the conversion into equity of a €400k investment from CDP Venture Capital via the Fondo Rilancio in 2023.
“We at AlterEco are demonstrating it’s feasible to minimize plastic and paper in packaging across various sectors such as food service, electronics, pharmaceuticals, and perfumery,” stated Giammarco Paronitti, Co-founder and CEO of AlterEco Pulp. “The positive response from major international industrial groups affirms our vision.”
Established in 2022 from the Corazzi family’s concept, AlterEco is reportedly among the pioneers in Europe of cellulosic fiber molding technology, designed to deliver truly sustainable packaging. The company utilizes plant-based fibers like bamboo and hemp, alongside agricultural by-products such as sugarcane bagasse and wheat straw.
With its proprietary cellulose research center, the company is listed in the National Registry of Research Companies, collaborating with multiple universities and research bodies to create sustainable packaging products and processes.
Anna Amati, Partner at Eureka! Fund, noted: “From our initial interaction, we were captivated by AlterEco’s extensive technical knowledge, market insight, and remarkable managerial and execution prowess.
In the dynamic and growing packaging market, which faces substantial regulatory shifts, offering ecological and innovative cellulose-based solutions as alternatives to traditional packaging is crucial. Our investment aims to speed up their innovation journey and provide a competitive edge vital for penetrating key markets promptly.”
The “Back to (H)Earth!” industrial plan focuses on developing a cutting-edge production facility capable of crafting recyclable, compostable packaging in alignment with Circular Economy principles.
Central activities also involve establishing an R&D area to develop an integrated supply chain “from the field to the pack to the field”.
Guido Bocchio, Head of Venture Capital at Azimut Libera Impresa SGR, responsible for investment compartments, commented: “We are thrilled to join the shareholder base of a company dedicated to developing eco-sustainable products with a high social impact. We have confidence in the company’s capacity to be pivotal in the single-use packaging sector’s value chains, promoting sustainable growth and environmentally conscious production.”
With this funding, AlterEco Pulp aims to combat deforestation and CO₂ emissions while offering a viable alternative to plastic or paper packaging, significantly lowering environmental impact.
Virginia Filippi, President of Open Venture, added: “We are delighted to finalize our investment in AlterEco Pulp alongside esteemed partners such as Eureka! and Azimut, leveraging a team of experienced Founders. This aligns seamlessly with Open Venture’s strategy: supporting startups with a unique competitive advantage in high-potential fields like the packaging supply chain, with a robust ESG commitment.”