Spinnova, a Helsinki, Finland-based sustainable fibre technology company, raised €11m in growth funding.
Backers included existing investors; family investment offices, private investors, a venture capital investment fund and industrial partners.
The company intends to use the funds to start its commercial phase of its sustainable textile fibre.
Led by CEO and co-founder Janne Poranen, Spinnova is a sustainable deeptech company that has developed technology for manufacturing cellulose-based textile fibres. Its patented technology includes 0% harmful chemicals and 0% waste or side streams. Spinnova’s objective is to globally commercialize the fibre products in collaboration with major textile brands.