Metsä Spring’s portfolio company Woodio (see woodio.fi) has been selected for funding by the European Innovation Council (EIC), more precisely by its EIC Accelerator programme. The funding comprises a EUR 2.5 million grant and an option for further EUR 5 million equity financing. The competition to become part of the programme was very stringent with less than 1% of applicants (38 companies) finally winning the funding. Woodio was the only one receiving funding from Finland in this call.
“For us the nomination by the EIC Accelerator programme is yet another proof that the business idea of Woodio is unique in a very positive way. We knew this, but second opinions are always good the have”, says Niklas von Weymarn, CEO of Metsä Spring and Board member of Woodio.
Woodio’s business idea is based on a material innovation, a composite consisting of wood chips and resins. This material mix is then moulded to various end products, like for instance wash basins, bath tubs, toilets and panels. Woodio is using wood chips from a Metsä Group mill side-stream in one of its products (Natural Birch). The new funding accelerates Woodio’s strive to develop and scale-up the production process, as well as to broaden further its product portfolio.
For further information please contact: Petro Lahtinen, CEO, Woodio Ltd, tel. +358 50 581 1033, or Niklas von Weymarn, CEO, Metsä Spring Ltd, tel. +358 40 547 6977.