Recently, the Finnish startup Sulapac raised €15 million led by Chanel, Mousse Partners, Sky Ocean Ventures, Bonnier Ventures, and Lifeline Ventures, accompanied by a group of private investors.
As per the company claims, the partners were carefully chosen with the emphasis on long-term support, commitment to sustainability, and expertise relevant to Sulapac’s growth.
Sulapac CEO Suvi Haimi says:
We are excited that these international players recognize the potential of our innovation and support our mission to save the world from plastic waste. The renewed support from the leading luxury house Chanel also indicates that sustainability is a priority in the luxury market. As a truly sustainable alternative celebrating premium quality and design, Sulapac is the perfect fit for this segment.
This investment round enables the startup to scale-up its material production and continue the development of new and improved formulas, including a flexible version of its Universal Material for Injection Molding.
Haimi is pleased with the investors’ input:
We want to make Sulapac the number one sustainable material replacing plastic. Lifeline Ventures, who was also one of our seed funders, has strong experience in building international growth stories. Chanel brings exceptional customer insight while Sky Ocean Ventures and Bonnier Ventures, with their comprehensive understanding of the international media landscape, can support us in building our brand recognition and help expand to the international markets.
For the uninitiated, Sulapac is a fully biodegradable and microplastic-free material innovation made of sustainably sourced wood and natural binders. The material is recyclable via industrial composting. Notably, one of Sulapac’s groundbreaking innovations is the world’s most sustainable mass-producible straw that is now available for brands and consumers.
On the other hand, Sulapac’s growth will be supported by its newly appointed advisors, including Sophia Bendz, who was previously in charge of Spotify’s global marketing and is now a partner at venture capital firm Atomico, and Charli Kumar, who launched and leads Sky’s startup TV business in Spain.
Additionally, Jukka Moisio, former CEO of the global food packaging specialist Huhtamäki, recently started as the Chair of Sulapac’s board of directors.
Moisio said:
It’s time for Sulapac to take over the global market, and I’m glad to bring my experience onboard. I’m also pleased that the Sulapac team is supported by a group of advisors with exceptional track records to accelerate the scale-up
Main image credits: Sulapac
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