Sulapac backed by Chanel
Finnish startup Sulapac has found a new investor for its biodegradable alternative to plastic in French luxury house Chanel.
Sulapac has developed a multi-award-winning material made of wood chips and natural binders to replace plastic in packaging, recently earning a place on the Wired magazine’s list of the top 100 hottest startups in Europe.
The French luxury house is Sulapac’s first investor from the cosmetics industry. The Finnish startup has previously secured significant funding from various investors including Lifeline Ventures, Ilkka Herlin and Business Finland, as well as received the Horizon 2020 SME instrument grant from the EU this summer.
“We have set very high-quality standard [for] our sustainable material, with an ambition to replace plastic, and we are very pleased to welcome Chanel, a leading brand representing the most demanding luxury segment, among our investors,” said Suvi Haimi, CEO and co-founder of Sulapac.
“Chanel is definitely one of the forerunners in the luxury segment as they want to invest in the latest sustainable material and technology innovations. Our mission to save this world from the plastic waste just became a big step closer [to being achieved]!”
Good News from Finland is published by Finnfacts, which is part of Business Finland.