Ukrainian startup S.Lab secures €80k from Startup Wise Guys
S. Lab, a Ukrainian manufacturer of biodegradable packaging and decorations made of hemp and mycelium, has raised €80,000 from the Startup Wise Guys accelerator as part of the Wise Guys Sustainability program.
- S.Lab has become a participant in the Wise Guys Sustainability Accelerator Program that started online on January 17. It is focused on B2B startups developing software or solutions for carbon capture, storage, and reduction. The program will last five months.
- The Ukrainian startup has secured €80,000 from Startup Wise Guys (€50,000 in cash and €30,000 to cover the cost of the program) with the possibility pf increasing the investment to €120,000.
- As told Startup Wise Guys told AIN.Capital, S.Lab also plans to raise an additional €500,000 by the end of the program.
- According to the agreement with the accelerator, S.Lab will give it a stake in the startup. The exact share has not been disclosed, but it does not exceed 9%, as per the terms of the program.
- Together with S.Lab, eight other sustainability startups from Estonia, France, Romania, Latvia, Greece, Denmark, Poland, and the US have been selected for the Wise Guys Sustainability program.
- After completing the program, all the startups will have the opportunity to receive a follow-on investment of up to €200,000.
The startup was founded in 2020 by Julia Bialetska and Yevhenii Tomylin. Its product is eco-friendly packaging and decorations made of mycelium of fungi and hemp stalks. According to the founders, this material is 100% biodegradable. It decomposes in the soil in a month and can completely replace plastic packaging.
About Startup Wise Guys
Startup Wise Guys has been one of the leading investors in Central, Eastern, and Northern Europe since 2012. The accelerator focuses on early-stage startups in the SaaS, fintech, cybersecurity, and sustainability sectors. Startup Wise Guys has over 250 investments and eight exits in its portfolio.