Sulapac, a Finnish bioplastic packaging startup, has received loan financing from Nefco, the Nordic Green Bank. The amount of financing was not disclosed. 

Sulapac intends to use the financing to expand its business in the cosmetic sector while developing new solutions for various industries. The company plans to establish small-scale manufacturing capabilities in Finland to develop innovative materials and manufacture commercial small-scale batches of new sustainable materials.

Following the funding, Sulapac has also joined Nefco’s Biodiversity Pilot Programme, which aims to develop and test biodiversity solutions in collaboration with companies. The program claims to be the financial industry's first biodiversity program for Small and Medium Enterprises (SMEs).

Analyst QuickTake: Sulapac is working on developing biobased packaging solutions for use across various markets. Last month, the company launched a new sustainable material for luxury fragrance caps . The company has partnered with a number of cosmetic brands to commercialize its bio-based packaging solution. This includes CHANEL , Schwan Cosmetics , Quadpack, Lumene, and Shiseido. In addition, Sulapac’s products are also used across the foodservice sector by players such as Carrefour and Four Seasons.