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Funding
Fiberwood raises EUR 7.7 million to build test line for bio-based packaging and insulation material
Bio-based Materials
May 23, 2024
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Bio-based Materials

Bio-based Materials

May 23, 2024

Fiberwood raises EUR 7.7 million to build test line for bio-based packaging and insulation material

Funding

  • Fiberwood Ltd., a Finnish startup that develops bio-based packaging and insulation material, has raised EUR 7.7 million (~USD 8.4 million) in a funding round led by Metsä Spring and Stephen Industries, alongside various public financial institutions.

  • The company intends to use the funds to facilitate the construction of a test line, perfecting its product concept, ensuring scalability, and spurring its research and development efforts.

  • Fiberwood was founded in 2019 to develop circular, fossil-free insulating and packaging materials from forestry by-products and other natural fibers. The startup reports it is on the threshold of finalizing its first batch of commercial agreements and is engaged in multiple product development projects with strategic partners.

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