Biofiber Tech raised $700k from new and existing investors.

Biofiber Tech, a Stockholm, Sweden-based company developing a technology that aims to replace plastic products, announced that it completed a SEK 6.7M ($700k) capital investment round.

The money was provided by new and existing investors, matched by a SEK 3M contribution by Almi Invest, through its Green Tech Fund.

Biofiber Tech, founded in 2016 by CEO Eric Zhang, has developed a proprietary tech that uses wood fibers in order to replace fossil-based plastics. The technology accounts for the wood fiber attributes (carbon dioxide neutral and completely naturally degradable) and modifies it to make it more plastic-like, with the purpose of being used as replacement for fossil-based plastics, as it is easier to mix and disperse with conventional- or biomaterial based plastics to create biogranulate.

Biofiber Tech's solution is implementable in existing infrastructure of pulp & paper industry and plastic industry (conventional compounders and injection- & compression moulding).