The 23MEUR Series A round is headlined by a equity investment from European Circular Bioeconomy Fund (ECBF), Ecolab and Itochu Fibre Ltd. New funding also includes a grant of 2.5MEUR by the European Innovation Council’s Accelerator program, and a non-dilutive capital loan of EUR 10 million from the Finnish Climate Fund.
We first met the Paptic team at Slush 2014. At that time, the team harbored a vision of creating a new fibre-based material technology company to replace plastic bags and other packaging materials derived from plastic. As founding investors, we engaged in IP negotiations with the VTT Technical Research Centre of Finland. Our partner, Aapo, was invited to join the Paptic board to lend his expertise in navigating high-growth companies and global brands.
Over the past few years, Paptic has achieved remarkable global growth, culminating in an over 11MEUR turnover in 2022. Following four consecutive years of doubling its turnover, the company has set an ambitious goal: reaching a 100MEUR turnover by 2026. The global opportunity is almost limitless, with nearly half of the 200BEUR plastic packaging industry replaceable with Paptic.
In the nascent stages of Paptic’s journey, we at Proxy also undertook the development of the brand’s initial identity and imagery. Back in 2015, our vision was to establish Paptic as a next-generation material technology brand - robust, reliable, yet light and nimble. We focused on clearly delineating the distinctive attributes and primary selling points of the new material. To this day, the core identity elements we designed remain in use, a testimony to the enduring strength of the initial concept.
What excites us immensely at Proxy is witnessing dreams transform into reality. Much like the exhilarating launch of the irresistible second-generation Oura ring, the revolutionary Paptic material that originally captured our imagination is now within reach.
See the full announcement from Paptic here.