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Paptic raises EUR 35.5 million across multiple rounds
Bio-based Materials
Sep 4, 2023
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Bio-based Materials

Bio-based Materials

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Sep 4, 2023

Paptic raises EUR 35.5 million across multiple rounds

Funding

  • Paptic, a Finnish startup developing wood-based sustainable packaging material, has raised EUR 23 million (~USD 25 million) in equity financing led by European Circular Bioeconomy Fund (ECBF) and Ecolab, with participation from Itochu Fibre.

  • Peptic intends to use the funds to expand its product portfolio, establish manufacturing partnerships, and support global expansion. 

  • Peptic also received a EUR 2.5 million (~USD 2.7 million) grant from the European Innovation Council's Accelerator program and a EUR 10 million (~USD 11 million) non-dilutive capital loan from the Finnish Climate Fund to scale up its foam-based manufacturing technology.

  • The company aims to generate revenue of EUR 100 million (~USD 107 million) by 2026 from its renewable and recyclable packaging materials.

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