The round was led by WHEB Ventures, a clean tech private equity firm supported by the European Union through the Competitiveness and Innovation Framework Programme (CIP).
New capital and support from WHEB will help friedola to increase production capacity, address international markets more aggressively and develop more applications for products.
The company’s products consist of up to 80% recycled materials and feedstock is generated by its own plastic waste recycling facilities in Germany.
Friedola’s main product is CON-Pearl®, a lightweight board made of polypropylene, which is used as automotive components such as floor boards in light commercial vehicles, as side and roof-linings, cavity linings, partitions of light commercial vehicles and spare covers in passenger cars and vans.
The company’s customers include automobile manufacturers, food packers and globally trading specialists in their sectors.