Paptic, a Finland-based manufacturer of wood fibre-based packaging materials, has closed a total of €27.5 million in funding led by the UB FIGG, joined by Emerald Technology Ventures, SIG InnoVentures, and EIC Fund.
- Paptic Ltd was established in 2015 with headquarters in Espoo, Finland. The company develops fiber-based and recyclable at-scale materials to replace plastics and other conventional materials in packaging. Today, the company employs 45 professionals, and its materials are delivered to over 50 countries.
- Additionally, Paptic materials are recyclable with cardboard and packaging papers. The startup claims these materials are also a solution for the future, as they comply with the upcoming EU’s Packaging and Packaging Waste Regulation.
Details of the investment:
- The deal is the second closing of the growth financing totaling €4.5 million, raised at the end of the year. The round was led by the UB Forest Industry Green Growth Fund, the Finnish 2023 vintage buyout fund managed by United Banker.
- The round was also joined by Emerald Technology Ventures, SIG InnoVentures, and EIC Fund.
- In the first closing of financing, Paptic raised funding of €23 million. In total, the company closed €27.5 million in growth financing in 2023.
Now, that the financial round is officially closed, we are excited to focus on the next stages of our future growth. We have the ambitious goal to reach €100 million in revenue in 2026. The new capital raised during the past year puts us in a strong position to invest in our people, sales channels, and product development. Our growth is based on our ability to competitively serve international brand owners who are seeking sustainable alternatives to replace plastics in their packaging,
Tuomas Mustonen, CEO and co-founder of Paptic.
Paptic will spend the fresh investment to strengthen its presence in Europe and accelerate its growth in Asia. It will also speed up the industrial scale-up of its foam-based manufacturing technology.
