Woodly completes a $2.2M financing round.
Woodly, an Espoo, Finland-based company manufacturing a new type of wood-based material used for packaging, announced the completion of a €2M ($2.2M) round of growth financing.
The money was provided by new and existing investors, including Joensuu Shop ja Kone Ltd, (Kyösti Kakkonen), and Copacking Oy, Eski BV (both owned by Dutch packaging experts Mark and Cornelis Bruggeman), Seedi Oy, and Besodos Investors Oy. Their contribution of EUR 1.49M was matched by a EUR 500k grant made by Business Finland.
At the same time the company announced changing its name into Woodly from Welmu International.
Woodly, founded in 2011 and led by CEO Jaakko Kaminen, developed a wood-based material that can replace plastic for producing clear transparent and flexible packaging.
The company has four employees and is yet to be profitable, as it lost about EUR 130k in 2018.