In Finland, startup Woamy has closed a €1 million (US$1.1 million) seed round to advance development and production of its biobased foam.
Formerly known as Foamwood, the Aalto University spin-out says its cellulose-based foam is stronger and lighter than other biofoams, making it a “perfect” Styrofoam replacement. The key part of the invention is mimicking the directional strength of wood, which gives Woamy foam its superior directional strength per density. Woamy’s foam is also recyclable and biodegradable. Applications include protective packaging, laminated boards, shoe insoles and building insulation.
“Our multidisciplinary team of scientists, engineers, designers and business minds is now ready to make the foam industry sustainable,” Susanna Partanen, CEO of Woamy, says in a press statement.
The seed round was led by CMPC Ventures, a venture arm of one of the world’s largest pulp producers. Secto Design Oy also joined the seed round as a follow up investor and Woamy’s first customer.