Finnish startup Woamy raises €1M in a seed round

Espoo-based startup Woamy has raised €1 million in a seed funding round to bring a bio-based foam material to the market. The round was led by CMPC Ventures, Secto Design joined the funding as a follow-up investor.

• Founded in 2022, Woamy develops new biomaterials, including a recyclable, and biodegradable foam made from wood and agricultural waste. The startup’s team is seeking ways to explore cellulose-based foams as suitable alternatives to replace plastic in various applications.

“The market for this kind of innovation is urgent and growing as companies all over the world seek ways to eliminate plastic in their products and packaging. We are happy to accelerate our operations to offer these solutions and be part of creating a more sustainable world,”

Susanna Partanen, the CEO of Woamy, explains.

• Since the incorporation of the company in June 2022, Woamy has already built a very promising start of customer base. It has acquired its first pilot customers in the packaging market and developed over five POCs with support from Business Finland and Kiuas Accelerator program. Now, the company closed an investment round to scale the product.
• CMPC Ventures led the round. It is the corporate venture arm of CMPC, a company that produces solid wood products, pulp, paper, tissue, and packaging products. The family-owned Finnish lighting design company Secto Design also supported the startup.

“Now that our seed round is officially closed, we are excited to focus on our next steps. We have high goals for our next 18 months during which among other things we will be upscaling our technology. As well as building an extensive and global customer base and raising A round funds for the first pilot plant,”

Susanna Partanen comments on the round.