Despite all the progress made in recent years, the paper industry is still one of the sectors with particularly high energy, water, and chemical consumption. Decreasing their usage has been a target of many, and is where Germany-based Creapaper wants to innovate. In a recent development, the company that makes alternate raw material for paper production announced that it has secured €20M in its Series B round of funding.
This comes after the company’s €1.7M December 2020 funding from the Innovation Council of the European Union. The EIC Accelerator is one of the most demanding funding programs in the European Union. Out of 4,223 companies that applied from all over Europe in 2020, a total of 38, including 7 from Germany, were selected for funding.