FineCell Raises EUR1M in Seed Funding

FineCellOX AB, a Stockholm, Sweden-based developer of the FineCell technology and producer of CellOx dry cellulose powder, raised EUR1M in Seed funding.

The round was led by Metsä Spring.

The company intends to use the funds to boost material application research, engage with potential customers, and finalise the plan for a demo production facility towards the end of 2024.

Led by CEO Peter Axegård, FineCell is advancing and refining a patent-protected process for the efficient production of a produce the CellOx dry cellulose powder and hydrogels for beauty, healthcare, and paint products. Materials are made through its technology, which combines pulp-based cellulose with a natural chemical (oxalic acid found in e.g. rhubarb), producing a new material that can easily be stored in a solid form yet is often applied in a liquid form. These can replace fossil-based chemicals in sectors like beauty and healthcare products as well as commercial paint production.

FineCell aims to have the design of its demo plant ready for execution by the end of 2024. The company plans to have larger-scale test production underway during 2025, with full commercial production commencing in 2027.

FineCell is a spinout of the KTH Royal Institute of Technology in Stockholm, Sweden.