Singapore-based AlterPacks raises $1 million to turn food waste to food containers
Singapore-based start-up AlterPacks has raised $1 million in pre-seed funding from Plug and Play APAC, Seed Capital, Earth Venture Capital and angel investor Alice Foo.
AlterPacks uses spent grains, a by-product of the production of food including beer, to create food containers that can be moulded into different shapes, are microwave and freezer-friendly and can be home composted.
The company aims to replace disposable plastic containers and reduce food waste, with a B2B go-to-market strategy targeting restaurants and hotels. In addition to its focus on sustainability, AlterPacks is also addressing the problem of food waste and packaging filling landfills around the world.
Globally, around 14% of food produced is lost between harvest and retail. Significant quantities are also wasted in retail and at the consumption level. An estimated 17% of total global food production is wasted (11% in households, 5% in food service and 2% in retail).
The company's innovative technology transforms food waste into takeout boxes and other containers, providing a solution to two major environmental issues at once.
AlterPacks' food containers have been available since December and the company is also developing bio-pellets, made from spent grains and other agricultural waste, as a replacement for petroleum-based resins in manufacturing.
The new funding will be used to commercialize AlterPacks' products in markets including Asia, Australia, and Europe.
