Spinnova secured 11 million euro from existing investors.

Finland Investments 30 September 2019
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Spinnova, Jyväskylä, Finland-based manufacturer of sustainable fibre technology, announced that it completed a EUR 11M ($12.1M).

The investment came entirely from Spinnova’s existing investors, including Finnish venture company Maki VC and Brazilian strategic investor Suzano.

Spinnova, founded in 2014 by CEO Janne Poranen, is a sustainable deeptech company that has developed a disruptive technology for manufacturing cellulose-based textile fibres. The company uses wood fibers to produce filaments and yarns that can replace cotton, viscose and other raw materials in both woven and nonwoven applications.

Spinnova sold 18% of the company to Brazilian pulp manufacturer Fibria (later acquired by Suzano) in 2018 and is also owned by Maki VC and Beata Domus, which bought VTT Ventures equity stake in 2018.