Sustainable materials company Paptic has secured €23 million (USD$25 million) in equity financing to further its development of eco-friendly packaging materials and expand its global customer base. Additionally, the company has received a €10 million capital loan from the Finnish Climate Fund, which will be used to scale up its foam-based manufacturing technology.
Paptic, based in Espoo, Finland, was founded in 2015 and focuses on producing wood fiber-based, recyclable materials as alternatives to plastics and traditional packaging materials. Currently, plastics account for 70% of the global flexible packaging market, worth approximately €200 billion annually, and Paptic’s materials have the potential to replace plastic in nearly half of these applications.
Tuomas Mustonen, CEO and co-founder of Paptic Ltd, emphasized the company’s commitment to the circular economy and its goal of helping customers replace plastics in various flexible packaging applications. Paptic’s materials are already in use by over 100 customers worldwide.
The new funding will support Paptic’s market expansion, customer service improvements, and sustainability initiatives. The company aims to reach €100 million in revenue by 2026 and achieve carbon neutrality by 2030. It plans to strengthen its presence in Europe, accelerate growth in Asia, and explore opportunities for expansion in new markets, including North America.
The investment includes participation from new investors such as the European Circular Bioeconomy Fund (ECBF) and Ecolab, a company specializing in water and hygiene solutions. These investors recognize the versatile and eco-friendly nature of Paptic materials and their potential to reduce the use of fossil materials in packaging.
By FCCT Editorial Team
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