The funding round was led by UB Forest Industry Green Growth Fund and the European Innovation Council. Previous investors also participated.
Woodio uses aspen in chip form and chips generated from side-streams of the forest industry as its main raw material. Unlike the manufacturing process of traditional ceramic bathroom fixtures, the production of Woodio’s wood composite products consumes very little water and does not involve energy-intensive processing steps. The carbon footprint of a wash basin made from Woodio’s biomaterial is up to 80% smaller compared to an equivalent-sized ceramic basin. At the same time, Woodio’s material is durable and lightweight, and the products made from it are easy to install and maintain.
The newly secured funding will be used to make a significant investment in scaling Woodio’s business in Finland along with accelerating international expansion.
“We have now reached a new growth phase and strongly aim for international expansion. During the next year, we’ll boldly expand outside of Finland, while we’re also planning a significant investment in scaling our own business in Finland,” says Terja Koskenoja, who was appointed as Woodio’s new CEO in May. Koskenoja previously worked as Woodio’s production and development director and has a background in the forest industry.