Itochu invests in sustainable packaging materials company Paptic
The sustainable packaging company Paptic has received investments from Itochu, one of the largest Japanese general trading companies.
WHO: Paptic Ltd, a spin-off of the VTT Technical Research Center 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, began trading in linen. Since then, Itochu has evolved and developed over 160 years. With around 100 bases in 62 countries, Itochu, one of the main sogo shosha, engages in domestic trade, import / export and overseas trade of various products such as textiles, machinery, metals, minerals, energy, chemicals, food, general products, real estate, information and communication technology and finance, as well as business investment in Japan and beyond. sea.
IN THEIR OWN WORDS: “Paptic, as a company tackling a global environmental challenge, fits perfectly with Itochu’s sustainability strategy. After testing different Paptic materials in various packaging applications, we believe Paptic will be a real game-changer in flexible packaging materials in virtually all geographic markets, ”comments Jin Asada, CEO of Itochu Fiber Limited.
We are extremely happy that Itochu is joining the Paptic family. Discussions and collaboration over the past few months have shown that in Itochu we have found a long term investor with growth and sustainability plans very well aligned with our own. Paptic is a high growth company, and this investment will ensure the next phase in our growth story, ”said Tuomas Mustonen, co-founder and CEO of Paptic. “We have an ambitious growth vision for the years to come, and we will continue to open up new market opportunities and raise additional financing to achieve our objectives. We would also like to thank Business Finland and Invest in Finland who introduced us to the key people of Itochu Corporation and Itochu Fiber Ltd.
- Itochu entered into a capital alliance with Paptic and acquired shares in the company as a general investment.
- To date, Paptic has raised more than 13 million euros in equity investments. In a previous round of funding in May 2020, Paptic raised more than € 4 million in equity with Springvest’s public financing round.
- Avance advised Paptic Ltd in connection with the equity investment.