In Finland, textile fiber company Spinnova says it has raised additional funding to help it build a pilot factory. The company has developed a process to produce cellulose fiber form wood and waste streams without the need for chemicals. The fiber could be used to produce more sustainable fabrics.
Business Finland is providing a loan for €4.5 million, while OP Bank is loaning $5.1 million, guaranteed by the European Investment Bank.
Venture capital Maki.vc also contributed an undisclosed amount. Company founder Ikka Kivimaki tells just-style that a business like Spinnova’s can be scaled to be “bigger than the Finnish paper industry.”