March 10, 2020
DAILY BRIEF: Acquisition, IoT and employment tool funding, and green food packaging
Finnish startup Fuzu's career platform is growing beyond East Africa.
All the daily Finnish business news that works: Haltian, Fuzu, Metsä Board and Caverion make headlines.
Haltian and Fuzu raise fresh coin, Caverion acquires a Danish company to support the energy transition in Denmark, and Metsä Board joins forces with the European Paper Packaging Alliance (EPPA).
Finnish IoT and product development company Haltian has raised nine million euros from Inventure, Ilmarinen, Nordic Option and a group of private investors through investment service SijoittajaPRO, including Head Invest. The funding will help Haltian to develop existing products, create new products and strengthen its presence in international markets. Haltian’s strategy to focus on certain IoT segments is turning it into a leading provider in smart facilities, washrooms and factories.
Finnish company Caverion is acquiring Gunderlund, a Danish company specialised in power grid expansions and renovations, to respond to the shift toward renewables in the Danish energy market. Gunderlund generated 3.2 million euros in revenue in the 12-month period ending in September 2019 and employs around 10 people. Denmark is rapidly transitioning its energy network to reduce greenhouse gas emissions by 70 per cent by 2030 compared to 1990 in accordance with the climate act.
Metsä Board, part of Metsä Group, is one of the founding members of the new European Paper Packaging Alliance (EPPA), a food and food service packaging association that promotes food safety, circular solutions, lower carbon emissions and evidence-based policy making. The members also include leading raw material producers and paper and fibre-based food and food service packaging manufacturers. Fibre-based food service packaging is made from wood fibre, a renewable raw material. The recycling rate of paper and board packaging in Europe is over 80 per cent, according to Metsä Board.
Finnish career platform Fuzu has raised 3.4 million euros in a funding round led by Sparkmind.vc, with participation from Cornerstone Enterprises, Aucfan Incubate, Kepple Africa Ventures, Seedstars International, Finnfund, Barona and Polkuni. The startup has grown into the leading career development platform in Kenya and Uganda, where its AI-supported solution offers employment and learning opportunities, as well as inspiration, to jobseekers. Fuzu’s next step will be to expand to Nigeria and Ghana in West Africa, but the startup is also eyeing the markets in Tanzania, Rwanda and Ethiopia.
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