Finnish circular economy pioneer Innomost secures new growth funding
Finnish circular economy pioneer, Innomost Oy has raised additional EUR one million in bridge funding to take its global growth plan to the next level. Innomost is a startup, that develops and produces process products of high value from the side streams of Finnish forest industry. These products, processed, for instance, from the birch bark, can replace such raw materials in cosmetics and pharmaceuticals that are harmful to the environment. Innomost’s products can be used to replace, for example, micro plastics and palm oil.
The company extends financing on the way to full industrial scale production with Tesi (Finnish Industry Investment Ltd) through its Venture Bridge- bridge funding program, Metsä Spring Ltd and Innovestor Ltd joining the round.
Last year, the company completed a EUR five million funding round to build a pilot plant and expand its business to a global level. The most significant capital investment was made by Metsä Spring Oy, which is part of Metsä Group. Other investors in the company included the investment company Innovestor and several private business angels.
“The circular economy and the demand for sustainable raw material solutions will increase significantly in the near future. We see interesting growth opportunities for Innomost’s innovative products in the global market,” comments Samppa Sirviö, Investment Manager at Tesi.
“Innomost’s business is based on the processing of birch bark, a by-product of the forest industry, into high-quality products for the cosmetics market and other industries. The market potential, particularly in cosmetics, is very sizable and Innomost’s new technology can revolutionize market offerings on a global scale. By using renewable, fully usable raw materials for value processing, we are at the top of product trends in the beauty industry and in other industries,” says Sami Selkälä, founder and CEO of Innomost.
Tesi invested from the Venture Bridge programme, closed for initial investment in March 2022, established to mitigate the effects of the corona pandemic on the availability of growth funding.
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Additional information:
Samppa Sirviö, Investment Manager, Venture Capital Investments
samppa.sirvio@tesi.fi
+358 50 518 6063
Innomost www.innomost.com
Innomost is a Finnish start-up founded in 2016 that develops and produces high quality and renewable cosmetic ingredients from wooden side streams. Our valuable bio-based products are suitable for a wide range of sustainable chemical industry innovations.
Tesi (Finnish Industry Investment Ltd) is a state-owned investment company that wants to raise Finland to the front ranks of transformative economic growth by investing in funds and directly in companies. We invest profitably and responsibly, together with co-investors, to create the world’s new success stories. Our investments under management total 2.4 billion euros. www.tesi.fi | @TesiFII