AlterEco Pulp, a Rome-based startup active in the ecological transition and specialised in the production of eco-sustainable packaging, announced the closing of a €3.5 million Seed round.
The round was led by Eureka! Fund I – Technology Transfer, managed by Eureka! Venture SGR, with the participation of AZIMUT ELTIF – Venture Capital ALIcrowd III and IV and Open Venture. The round also included the conversion into equity of a €400k investment previously made by CDP Venture Capital through the Fondo Rilancio in 2023.
“At AlterEco, we believe it is finally possible to reduce the use of plastic and paper in packaging, and we are proving it across multiple sectors – from food service to electronics, as well as pharmaceuticals and perfumery,” says Giammarco Paronitti, Co-founder and CEO of AlterEco Pulp. “The interest already shown by major international industrial groups confirms that our vision is the right one.”
Founded in 2022 from an idea by the Corazzi family, AlterEco is allegedly among the first companies in Europe to develop cellulosic fiber molding technology, with the goal of creating truly sustainable packaging. The company uses plant-based fibers from annual crops such as bamboo and hemp, as well as agricultural by-products like sugarcane bagasse and wheat straw.
Equipped with its own cellulose research center, the company is registered in the National Registry of Research Companies and collaborates with several universities and research institutions to develop products and processes for sustainable packaging solutions.
Anna Amati, Partner at Eureka! Fund, adds: “What immediately impressed us from our first meeting with AlterEco was the team’s deep technical expertise, strong market knowledge and relationships, combined with outstanding managerial and execution capabilities.
“In a highly competitive and rapidly growing market like packaging – one that is also subject to significant regulatory changes – it is essential to offer the market alternative, ecological, and sustainable solutions, based on innovative cellulose extraction processes, as opposed to those used in traditional packaging and single-use products. Our investment will help accelerate this innovation path and give the company a strong competitive edge – essential for conquering key markets quickly.”
The industrial plan, titled “Back to (H)Earth!”, includes the development of a state-of-the-art production facility capable of producing recyclable, compostable packaging aligned with the principles of the Circular Economy.
Key activities also include the creation of a Research and Development area aimed at building an integrated supply chain “from the field to the pack to the field”.
Guido Bocchio, Head of Venture Capital at Azimut Libera Impresa SGR, delegated manager of the investment compartments, said: “We are excited to join the shareholder base of a company whose technology is focused on developing more eco-sustainable products with high social impact. We strongly believe in the company’s potential to play a key role within the value chains of the single-use packaging sector, supporting more sustainable growth and increasingly environmentally responsible production processes.”
Thanks to this funding round, AlterEco Pulp aims not only to help reduce deforestation and cut thousands of tons of CO₂ emissions, but also to provide customers with a real and immediately applicable alternative to plastic or paper packaging (which still relies on forest exploitation), with a significantly lower environmental impact.
Virginia Filippi, President of Open Venture, adds: “We are pleased to have finalised the investment in AlterEco Pulp in synergy with prestigious partners such as Eureka! and Azimut, building on a team of solid and experienced entrepreneurial Founders. Our participation fits perfectly with Open Venture’s strategy: supporting startups with a distinctive competitive advantage in high-potential industries – such as the packaging supply chain – with a strong ESG focus.”