Finnish circular economy startup Innomost secures €1M
29 August, 2022, 13:18
Innomost, the Helsinki-based circular economy pioneer, has secured a €1 million in a bridge funding to take its global growth plan to the next level. The company ethnically produces raw ingredients for cosmetics and pharmaceutics.
- Founded in 2016 by Sami Selkälä, Innomost develops ingredients for the cosmetics and personal care industry. The ingredients are based on the ethically produced raw material: Finnish birch wood. These wood-processed products can replace materials that are harmful to the environment, for example microplastics or palm oil.
“The circular economy and the demand for sustainable raw material solutions will increase significantly in the near future. We see interesting growth opportunities for Innomost’s innovative products in the global market,”Samppa Sirviö, Investment Manager at Tesi, comments on the funding.
- Tesi (Finnish Industry Investment Ltd) is the lead investor in this round. Its bridge funding program, Venture Bridge, is established to mitigate the effects of the COVID-19 pandemic on the availability of growth funding. The existing investors like Metsä Spring Ltd and Innovestor Ltd also joined the round.
- In August 2021, Innomost has received the first €5 million funding to build a pilot plant, as well as to expand its business to a global level. Metsä Spring and Innovestor led that round then, along with several angels supporting the investment.
- Innomost’s fresh financing is just another step on the way to full industrial scale production.