Sulapac, Finnish startup raises financing for its bio-based material innovation
27 April, 2023, 17:36
The Helsinki-based Sulapac, that develops a fully biodegradable and microplastic free material made of renewable and sustainable raw materials, has raised an undisclosed amount of investment from Nefco. The company plans to further strengthens the sustainability of its business operations.
- Sulapac was founded in 2016 by Suvi Haimi and Laura Kyllönen. The startup develops an eco-friendly alternative for traditional fossil-based plastics that pollute the environment. Sulapac’s material biodegrades in the open environment at the same speed as natural wood and leaves no toxic residue or permanent microplastics behind.
- The startup claims that its bio-based and biodegradable materials have a carbon footprint 87-94% lower than conventional fossil-based plastics. In addition, Sulapac cooperates with such brands as Chanel and Shiseido.
- The new financing was led by Nefco, the Nordic Green Bank, a financial institution that provides only green financing through its Nefco’s Biodiversity Pilot Programme. It aims to set an example for nature-positive impact strategies among financial institutions.
“Thanks to the financing from Nefco, we will be able to speed up our business growth in the cosmetic sector and provide new sustainable and recyclable solutions for various industries to accelerate a plastic waste-free future. For us, it is important that our investors share our vision of a cleaner planet, which is why Nefco, as a supporter of the green transition, is a great partner for us,”says Suvi Haimi, CEO and co-founder of Sulapac.
- Sulapac will use the investment from Nefco to scale up on global markets and establish small-scale manufacturing capabilities in Finland to accelerate R&D into innovative materials and manufacture commercial of new sustainable materials.