Helsinki-based Paptic has secured an impressive US $ 24.6 million to fuel its mission of revolutionising sustainable packaging materials. With its unique foam-based manufacturing technology, the company aims to disrupt the dominance of plastics in the packaging market. They use a special foam-based method to make products from sustainably sourced wood fibre instead of using traditional water-based paper manufacturing.
This innovative approach has allowed the company to double its revenue annually for the last four years. Furthermore, the Finnish Climate Fund has granted Paptic a non-dilutive capital loan of US $ 10.7 million to facilitate the industrial scale-up of this breakthrough technology. Moreover, Paptic also received a US $ 2.67 million boost from the European Innovation Council’s Accelerator program.
Paptic’s CEO and co-founder, Tuomas Mustonen, is excited about how the company has grown from a small startup to a big, fast-growing business. Paptic plans to get stronger in Europe, grow quickly in Asia, and maybe even expand to North America and other places in the future.
