The French luxury house is the first cosmetics player to invest into the Finnish start-up. Sulapac has developed an innovative material derived from wood and aiming at replacing oil-derived non-biodegradable plastics thus responding to consumers’ growing desire to find environmentally friendly products or packaging.
Sulapac products use a biodegradable and microplastic-free material made of FSC-certified wood chips and natural binders. “They have all the benefits of plastic, yet they biodegrade completely and leave no microplastics behind,” claims the company.
“We have set very high-quality standard to our sustainable material, with an ambition to replace plastic, and we are very pleased to welcome Chanel, a leading brand representing the most demanding luxury segment, among our investors”, says Suvi Haimi, CEO & Co-Founder of Sulapac. “Chanel is definitely one of the forerunners in the luxury segment as they want to invest on latest sustainable material and technology innovations.”
In addition to Chanel, Sulapac has raised funding from several investors such as Lifeline Ventures, Ardent Venture, Eerik Paasikivi, Ilkka Herlin and Saara Kankaanrinta, Planvest, and Mika Ihamuotila. In July 2018, Sulapac received the Horizon 2020 SME instrument grant from the European Union. Business Finland has also funded Sulapac. A new round funding is planned for 2019.