Finnish material innovation start-up Sulapac, has secured new investments from PowerBank Ventures and Planvest Oy. The new funds should help the company to accelerate its internationalisation and R&D.
Sulapac develops and produces biodegradable materials with aim to replace plastic in cosmetics and jewellery packaging. Sulapac’s material is made of wood and natural binders and is completely and free of microplastics.
“Renowned investors strengthen our belief that we can go international and develop this material even faster. I am very confident these investments will speed up the breakthrough of this technology in other industries as well,” commented Sulapac’s CEO Suvi Haimi.
Sulapac recently announced its sustainable packaging was chosen by Finnish brand Naviter for its new Atopik range of natural cosmetic products. “Promising results from the cosmetics industry also enable long-term licensing of this technology for other uses,” added Suvi Haimi.
”Sulapac has developed a unique solution to a major global problem - increasing amount of non-biodegradable plastic. The company also sets a great example of how a Finnish technological innovation can reach the customers. Sulapac answers the growing desire of the consumers looking for environmental-friendly products or packaging. I am convinced that Sulapac will grow directly into an international player who teams up with major consumer brands,” said Mika Ihamuotila, founder of PowerBank Ventures.
“We feel it is important to invest in a company that desires to develop world-class innovations for more sustainable and ecological consumer behaviour. Our generation must actively seek out ways to adopt eco-friendly consumption habits while striving to solve global environmental challenges. Sulapac knows how to combine strong technological expertise and competent team with global markets and sustainable development values we cherish,” said Tomi and Janne Kyöstilä of Planvest Oy.
Other Sulapac’s investors include: Lifeline Ventures, Eerik Paasikivi, Ilkka Herlin and Saara Kankaanrinta, as well as Business Finland.