Italy’s AlterEco Pulp Secures €3.5 Million Funding In Seed Round

The round was led by Eureka! Fund I – Technology Transfer (Eureka! Venture SGR), with support from AZIMUT ELTIF – Venture Capital ALIcrowd III & IV and Open Venture. It also includes the conversion of a previous €400k investment by CDP Venture Capital’s 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 by the Corazzi family, AlterEco is one of the early pioneers in Europe developing molded packaging from cellulosic fibers. The company aims to create truly sustainable alternatives using plant-based materials like bamboo and hemp, as well as agricultural by-products such as sugarcane bagasse and wheat straw.

Read Also - Amsterdam’s Seenons Acquires Recycling Consultants Nederland

AlterEco operates its own cellulose research center, is listed in the National Registry of Research Companies, and works closely with universities and research institutions to advance eco-friendly 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!”, outlines the creation of a cutting-edge facility to produce recyclable and compostable packaging in line with Circular Economy principles.

It also includes the launch of an R&D division focused on building a fully integrated supply chain—“from the field to the pack and back 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.”

With this funding, AlterEco Pulp aims to curb deforestation, cut thousands of tons of CO₂ emissions, and offer customers a practical, low-impact alternative to plastic and traditional paper packaging—which still depends on forest resources.

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.”