Finland-based deeptech startup Fiberwood has secured €3 million in a fresh funding round led by Metsä Spring. The funding will help to accelerate the product development of its eco-friendly insulation and packaging solutions, EU-Startups reports.
- Founded in 2019 by Tage Johansson, Fiberwood is a wood fiber-based insulation and packaging material developer and manufacturer. The startup obtains sheet materials from wood pulp and mechanical wood industry residual fibers utilizing a new form of foam-forming technology.
- The solution is bio-based, plastic-free, and compostable. This can help the industry to move towards a less-waste environment, it also provides better living conditions and cleaner, healthier inside air in buildings. Furthermore, the material can give better fire safety with clean and non-harmful fire retardant concepts, better moisture transmission, and no mold build-up.
“Fiberwood has developed a one-of-a-kind technology that utilises renewable raw materials from sustainable forest sources. Metsä Group wants to support the most efficient utilisation of side streams. The world needs new innovations to support the circular economy, and it is innovations like this that we want to support,”
Erik Kolehmainen, VP, Corporate Venturing at Metsä Spring, comments on the round.
- Metsä Spring is the lead investor in this round. It is the venture capital arm of Metsä Group, investing globally in promising startups that have a link to wood or forestry. The fund is based in Espoo, Finland, and provides funding during late-seed and Series A stages.
- Stephen Industries and public financing from Business Finland also participated in the funding round.
- With the fresh funds, the Finnish team will be able to develop and scale up the production capabilities of its pilot plant on the way to industrial-level continuous production. Their aim is to have the products commercially available in mid-2024.
