Woodly Ltd. has raised EUR 3 million in growth funding

"In recent years, plastic has become a bogeyman, the use of which many would like to abandon altogether, or at least replace with alternative materials. So far, the market has mainly succeeded only in abandoning the use of the word 'plastic'. We have approached the problem from the other direction by replacing the raw materials from which plastic is made instead," says Jaakko Kaminen, CEO of Woodly Ltd.

Woodly® material, developed in Finland, is a new kind of plastic that is manufactured using wood cellulose. The end result is a plastic that works as before in both production and products, but is 100% carbon neutral and reduces the need for the use of fossil raw materials. The company aims to launch several different packaging and products into international markets in the near future and to help companies exit the fossil economy, reduce their carbon footprint and support the circular economy.

New investors who joined this funding round included a group of founders of the Small Giant Games mobile game company; Vesa Puttonen, Professor of Financial Science; Taaleri Impakti, Special Investment Fund; Lauri Rosendahl; Jukka and Mikko Rannila.