Total amount raised
$9.4 Millions
Latest funding date
5/1/2023
Location
Phool has successfully raised funding through multiple rounds, including a recent grant from the Department of Science and Technology. The company focuses on creating eco-friendly products by recycling floral waste.
Keep reading to explore the intricacies of Phool's fundraising journey and the investors backing this innovative platform.
What Is Phool?
Phool, founded on July 1, 2017, in Kanpur, Uttar Pradesh, India, is a biomaterial startup that transforms floral waste into eco-friendly products. The company was established by Ankit Agarwal and employs between 51 to 100 people.
Phool specializes in creating a range of products, including organic fertilizers, charcoal-free incense sticks, incense cones, havan cups, refill packs, essential oils, and gift boxes. Their innovative approach not only addresses waste management but also promotes sustainability.
By recycling temple flowers and employing marginalized women, Phool has made significant strides in both environmental conservation and social impact. The company's efforts have garnered attention and support from various investors and organizations.
How Much Funding Has Phool Raised?
- Grant
- Amount Raised: Not publicly disclosed
- Date: May 2023
- Lead Investors: Department of Science and Technology
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing research and development efforts.
- Series A
- Amount Raised: $8 million
- Date: April 2022
- Lead Investors: Sixth Sense Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and explore new markets.
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: October 2021
- Lead Investors: Alia Bhatt
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand product lines and increase market reach.
- Seed Round
- Amount Raised: $1.4 million
- Date: August 2020
- Lead Investors: IAN Fund, IAN Group, The Draper Richards Kaplan Foundation
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To target white spaces in the fragrance market.
- Non-Equity Assistance
- Amount Raised: Not publicly disclosed
- Date: April 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support initial product development and market entry.
Total Amount Raised: $9.4 million
Current Valuation: Not publicly disclosed
Key Investors
- Department of Science and Technology
- Details: A government department in India focused on promoting science and technology. It provides funding and support for scientific research and technological innovations.
- Investment Focus Areas: Scientific research, technological innovations, environmental sustainability.
- Notable Investments: Various scientific and technological projects across India.
- Sixth Sense Ventures
- Details: A consumer-centric venture fund based in India. It focuses on investing in innovative and high-growth consumer brands.
- Investment Focus Areas: Consumer brands, technology, healthcare.
- Notable Investments: Soothe Healthcare, LEAP India, Fullife Healthcare.
- Alia Bhatt
- Details: A well-known Indian actress and investor. She is recognized for her environmental initiatives and support for sustainable startups.
- Investment Focus Areas: Sustainable products, environmental initiatives, innovative startups.
- Notable Investments: Not publicly disclosed.
- IAN Fund
- Details: An investment network that supports early-stage startups in India. It provides funding and mentorship to help startups scale.
- Investment Focus Areas: Technology, healthcare, consumer products.
- Notable Investments: WOW Skin Science, FabAlley, Box8.
- The Draper Richards Kaplan Foundation
- Details: A global venture philanthropy firm that supports early-stage, high-impact social enterprises. It provides funding and strategic support to help these enterprises grow.
- Investment Focus Areas: Social impact, education, healthcare.
- Notable Investments: Kiva, Room to Read, One Acre Fund.
What's Next for Phool?
Phool is poised to capitalize on the burgeoning demand for natural and sustainable products. With the global leather goods industry valued at $550 billion, their vegan leather alternative, Fleather, presents a significant growth opportunity. Additionally, the under-penetrated home fragrances market offers ample room for expansion, especially with their premium, certified products.
Future fundraising efforts will likely focus on scaling operations and enhancing R&D to meet global demand. However, challenges such as maintaining consistent quality and navigating regulatory landscapes could pose hurdles. Strategic partnerships and acquisitions may also play a role in their growth trajectory.
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