Finnish circular economy pioneer, Innomost has raised additional €1M investment in bridge funding to take the global growth plan to the next level.
Innomost is a growth company that develops and produces valuable compounds out of side streams from the Finnish forest industry. Innomost products are suitable for replacing environmentally harmful raw materials, for example microplastics and palm oil, from cosmetics to pharmaceuticals.
Last year, the company completed a €5 million funding round to build a pilot plant and expand its business to a global level. The most significant capital investment was made by Metsä Spring Ltd, which is part of Metsä Group. Other investors in the company included the investment company Innovestor Ltd and several private business angels. Now the company extends financing on the way to full industrial scale production with Tesi (Finnish Industry Investment Ltd) through its Venture Bridge- bridge funding program, Metsä Spring Ltd and Innovestor Ltd joining the round.
“The circular economy and the demand for sustainable raw material solutions will increase significantly in the near future. We see interesting growth opportunities for Innomost’s innovative products in the global market,” comments Samppa Sirviö, Investment Manager at Tesi.
“Innomost business is based on the processing of birch bark, a by-product of the forest industry, into high-quality products for the cosmetics market and other industries. The market potential, particularly in cosmetics, is very sizable and Innomost’s new technology can revolutionize market offerings on a global scale. By using renewable, fully usable raw materials for value processing, we are at the top of product trends in the beauty industry and in other industries,” comments Sami Selkälä, founder and CEO of Innomost.
Innomost pilot plant will be ready by the end of 2022 with a capacity of 20 tons of birch bark products per year. Innomost’s current product portfolio consists of birch charcoal powder, birch bark powder, betulin, suberin and azelaic acid. These ingredients are perfect for innovation in all cosmetic product categories including skincare, haircare, body care, decorative cosmetics, and oral care, as well as for other industry use.
CEO Sami Selkälä
+358 50 3409978