{"id":56454,"date":"2018-09-13T06:55:30","date_gmt":"2018-09-13T04:55:30","guid":{"rendered":"https:\/\/renewable-carbon.eu\/news\/?p=56454"},"modified":"2018-09-10T17:02:34","modified_gmt":"2018-09-10T15:02:34","slug":"spinnova-attracts-new-financing-and-investment","status":"publish","type":"post","link":"https:\/\/renewable-carbon.eu\/news\/spinnova-attracts-new-financing-and-investment\/","title":{"rendered":"Spinnova attracts new financing and investment"},"content":{"rendered":"<p><strong>Spinnova has recently carried out financing and ownership arrangements that will ensure the next phase in the company\u2019s growth story. Developing the world\u2019s most sustainable textile fibre, Spinnova will ramp up its pilot factory in Finland this year.<\/strong><\/p>\n<p>Financing from the Finnish public funding agency Business Finland and OP Bank will support the factory investment. OP has granted Spinnova Innofin loan financing of 4.5 million euros guaranteed by the European Investment Bank, and Business Finland is providing a loan of three million euros. Spinnova and Business Finland have been partners for three years.<\/p>\n<p>\u2013 It\u2019s been a pleasure following Spinnova\u2019s journey from a research-driven to an export company. Spinnova is a great example of what you can achieve with long-term, determined work. What\u2019s also admirable is that the founders have set their sights on the global market from day one, says Senior Advisor\u00a0Veli-Pekka Ihanus from Business Finland.<\/p>\n<p>Spinnova\u2019s ownership base has also changed. VTT Ventures, who supported the company\u2019s early steps, has given up their ownership according to their exit strategy. VTT has been replaced with two new investors, including venture capital company Maki.vc, founded by the startup mentor and investor, e.g. the man behind the world\u2019s leading startup event Slush, Ilkka Kivim\u00e4ki.<\/p>\n<p>\u2013 Food, logistics and textiles are key in solving sustainability challenges. Spinnova\u2019s process uses wood and waste stream based fibres instead of cotton, replacing the toxic viscose process. A business like this can be scaled to be bigger than the Finnish paper industry. \u00a0Maki sees sustainable businesses as a great opportunity to make good investments while making the world a better place for our children, Kivim\u00e4ki comments.<\/p>\n<p>The other new investor is Sebastian Langenski\u00f6ld\u2019s family investment company Beata Domus.<br \/>\n\u2013 We\u2019re excited to be involved in turning Spinnova into a new, Finnish export superstar. \u00a0This investment combines high-level sustainability and huge potential; for good as well as for profits. Also, what we\u2019re creating here is a concrete product that I would like to wear myself, says Langenski\u00f6ld, who\u2019s portfolio has mostly consisted of IT investment.<\/p>\n<p>Spinnova\u2019s majority shareholder is Brazilian cellulose company Fibria, who invested five million euros into the company in 2017.<\/p>\n<p>The development of the Spinova fibre has exceeded expectations. In addition to Finnish design house Marimekko, Spinnova has joint product development underway with several other partners. The fibre innovation has raised wide interest from global textile brands, many of which have committed to challenging sustainability goals.<\/p>\n<p>\u2013 Thanks to our financiers, starting the pilot factory and product development work are moving full speed ahead. Licensing the technology now being developed in Finland is our most likely future business model, so piloting the technology concept on an industrial scale is now our main priority, Spinnova\u2019s CEO Janne Poranen says.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Spinnova has recently carried out financing and ownership arrangements that will ensure the next phase in the company\u2019s growth story. Developing the world\u2019s most sustainable textile fibre, Spinnova will ramp up its pilot factory in Finland this year. Financing from the Finnish public funding agency Business Finland and OP Bank will support the factory investment. 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