Estonian-based Woola raises €2.5M in funding

Woola, an Estonian company that makes protective wool packing, has announced the raising of €2.5 million. The investment led by Metaplanet, joined by Future Ventures and Lemonade Stand.

• Founded in 2020, Woola provide a protective e-commerce packaging made of leftover wool, a naturally high-tech fibre. Packaging made of wool is durable and can be reused multiple times. The company claims setting up a supply chain to keep the precious material in the loop.

• Since launching, Woola has concentrated on displacing bubble wrap in online sales. The business is currently extending its product line to include premium goods. Earlier this year, Woola won the LVMH Innovation Award in the “Sustainability and Greentech” category and joined the Group’s business accelerator La Maison des Startups.

““We founded Woola to help stop the use of fossil fuels. We are replacing protective plastic packaging with sustainable alternatives made of wool that work just as well, but look much better.”

Woola’s CEO and co-founder Anna-Liisa Palatu.

• Metaplanet is the investment fund of Jaan Tallinn, one of the four founding engineers of Skype. The fund invests in innovation with the potential to produce an outsized return for the benefit of humankind. Metaplanet’s notable investments feature SpaceX, DeepMind and Anthropic.
• Woola plans to use the funding to broaden its product range for the luxury and e-commerce industries as well as to bolster its sales and marketing team.