Finnish startup Betolar announces its new investment round
Betolar, a material tech company, has closed a $2.4 million funding round. The round was led by Voima Ventures, a deep tech fund that invests purely in startups with deep tech and scientific backgrounds, with participation from Taaleri Investments Ltd and Valve Ventures.
Founded in 2016 by Juha Leppänen, Betolar is a material technology company specialized in geopolymer-based, low carbon construction materials. Betolar is aimed to eliminate cement with geopolymer technology. They offer a scalable production of alternative building materials with lower carbon emissions by 80% compared to using traditional cement. Betolar can also reduce the need for virgin raw materials by replacing units with industrial by-products.
With the new funding, Betolar is looking to start the commercialization of the product to global markets. To date, Betolar has developed its solutions with various industrial partners in Finland, Sweden, and Estonia, with the longer-term aim to expand into Asia, where consumption and construction are considerably higher.
“There has been a strong pull for low carbon construction materials in Asia and we are currently preparing our entry to multiple markets.”, says the CEO of Betolar, Matti Löppönen.