Paptic Ltd, a high-growth company in wood fibre-based packaging, secured EUR 27.5 million in growth financing in 2023. UB Forest Industry Green Growth Fund, with Emerald Technology Ventures, SIG InnoVentures, and EIC Fund, led the second closing of EUR 4.5 million at the end of the year.
With a focus on replacing plastic films, Paptic aims to expand in Europe and Asia, driven by a unique contract manufacturing model. The funds will accelerate the Espoo-based company's industrial scale-up, particularly in foam-based manufacturing technology.
The international flexible packaging market, valued at over €200 billion, is mainly plastic-based. Paptic's wood fibre-based and recyclable materials offer a sustainable alternative, aligning with forecasts of increased packaging demand. Compliant with the upcoming EU's Packaging and Packaging Waste Regulation, Paptic addresses the need for resource-efficient, recyclable materials.
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Image: Paptic