Fiberwood, a Järvenpää, Finland-based materials technology startup, raised €7.7M in Growth funding.
Backers included Metsä Spring and Stephen Industries, together with public financiers.
The company intends to use the funds to expand operations and its development efforts to prepare to enter a commercial phase with the aim of international growth. With the additional funding now secured, Fiberwood will begin constructing a test line to finalize its product concept, ensure industrial scalability and accelerate R&D activities. The test line will enable the manufacture of fully market-compatible products for customers’ commercial projects.
Led by CEO Tage Johansson, Fiberwood is a materials technology startup that has developed a technology and production process to produce circular, fossil-free insulation and packaging materials from forestry side streams and other natural fibres. The company improves leftovers by converting them into recyclable, and carbon-sequestering materials for various applications. Breathable and compostable insulation and packaging materials are ecological alternatives to mineral wool-based insulation and cellular plastic-based packaging cushioning.
FinSMEs
23/05/2024