Finnish biomaterial technology company Woodio receives €16.3M
Helsinki-based Woodio, an interior and design company that uses sustainable biomaterial innovation, has secured €16.3 million for its international expansion. UB Forest Industry Green Growth Fund and the European Innovation Council co-led the round.
- Founded in 2016, Woodio is a design company that manufactures ecological, water-resistant wood composite products for bathrooms. The startup claims that its products combine both unique design and ecology.
- The main raw materials used by Woodio are aspen chips and chips made from the forestry sector. The creation of Woodio’s wood composite products uses very little water. The startup’s goal is to combat climate change by using its sustainable biomaterial innovation, the Woodio material, to replace materials with a large carbon footprint.
- The funding round was led by Helsinki-based UB Forest Industry Green Growth Fund, a private equity fund investing in sustainable and resource efficient forest and bio-based industries, and the European Innovation Council that has recently allocated €20 million to support Ukrainian startups. Previous investors also joined the round. In total, Woodio has raised a €27 million.
“The commercialization of Woodio’s biomaterial innovation to this stage is an excellent example of new opportunities in the forest sector. Finland has a long history and significant know-how related to the forest industry, and it is essential for the future development of the industry that funds specializing in forest-based growth companies have started to emerge in Finland. We are pleased that Woodio is among the first investments of UB FIGG,”Petro Lahtinen, Woodio’s founder, commented.
- Woodio will use the investment to scale its business in Finland, and accelerate international expansion.