Sustainable packaging company Paptic has received investment from Itochu, one of the largest Japanese general trading companies.
WHO: Paptic Ltd, a spinoff from VTT Technical Research Centre of Finland, is a high-growth company established in 2015 with headquarters in Espoo, Finland. The company has developed Paptic, a fiber-based and recyclable material to replace plastics in packaging. The material has been available on an industrial scale since 2018.
Itochu Corporation was founded in 1858 when the company's founder Chubei Itoh commenced linen trading operations. Since then, Itochu has evolved and grown over 160 years. With approximately 100 bases in 62 countries, Itochu, one of the leading sogo shosha, is engaging in domestic trading, import/export, and overseas trading of various products such as textile, machinery, metals, minerals, energy, chemicals, food, general products, realty, information and communications technology, and finance, as well as business investment in Japan and overseas.
IN THEIR OWN WORDS: "Paptic as a company addressing a global environmental challenge has a perfect fit with Itochu's sustainability strategy. Having tested the different Paptic materials in various packaging applications we believe Paptic will be a true game-changer in the flexible packaging materials in practically all geographical markets," comments Jin Asada, CEO of Itochu Fiber Limited.
We are extremely pleased with Itochu joining the Paptic family. The discussions and collaboration in the past months have shown that in Itochu we have found a long-term investor with the growth and sustainability plans very well aligned with ours. Paptic is a high-growth company, and this investment will ensure the next phase in our growth story," says Tuomas Mustonen, co-founder and CEO of Paptic. "We have an ambitious growth vision for the coming years, and we will continue opening new market opportunities and raising further financing to reach our targets. We also would like to thank Business Finland and Invest in Finland who introduced the key people of Itochu Corporation and Itochu Fiber Ltd to us.
- Itochu has agreed to a capital alliance with Paptic and has acquired shares of the company as a general investment.
- To date Paptic has raised over 13 million euros of equity investments. In a previous round in May 2020, Paptic secured over 4 million euros of equity with Springvest's public financing round.
- Avance advised Paptic Ltd in connection with the equity investment.
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