;
Home / Knowledge / News / Textiles / Spinnova gets new financing & investments for its factory

Spinnova gets new financing & investments for its factory

20
Aug '18
Courtesy: Spinnova
Courtesy: Spinnova
Spinnova has recently attracted new financing and investments, stepping into the next phase of the company’s growth story. Developing the world’s most sustainable textile fibre, the company will ramp up its pilot factory in Finland. Spinnova is a sustainable fibre company, developing textile fibre directly out of pulp without harmful chemical processes.

Financing from the Finnish public funding agency Business Finland and OP Bank will support the factory investment. OP has granted Spinnova Innofin loan financing of €4.5 million guaranteed by the European Investment Bank, and Business Finland is providing a loan of €3 million, the company said in a press release.

Spinnova’s ownership base has also changed. VTT Ventures, who supported the company’s early steps, has given up their ownership according to their exit strategy. VTT has been replaced with two new investors, including venture capital company Maki, founded by the start-up mentor and investor, Ilkka Kivimäki. The other new investor is Sebastian Langenskiöld’s family investment company, Beata Domus.

“We’re excited to be involved in turning Spinnova into a new, Finnish export superstar. This investment combines high-level sustainability and huge potential; for good as well as for profits. Also, what we’re creating here is a concrete product that I would like to wear myself,” Langenskiöld said.

Spinnova’s majority shareholder is Brazilian cellulose company Fibria, who invested €5 million into the company in 2017. The development of the Spinnova fibre has exceeded expectations. In addition to Finnish design house Marimekko, Spinnova has joint product development underway with several other partners. The fibre innovation has raised wide interest from global textile brands, many of which have committed to challenging sustainability goals.

“Thanks to our financiers, starting the pilot factory and product development work are moving full speed ahead. Licensing the technology now being developed in Finland is our most likely future business model, so piloting the technology concept on an industrial scale is now our main priority,” Spinnova’s CEO Janne Poranen said. (GK)

Fibre2Fashion News Desk – India


Must ReadView All

Courtesy: Global Fashion Agenda

Apparel/Garments | On 23rd Jan 2019

Global Fashion Agenda releases CEO Agenda 2019

Highlighting the urgency of combating climate change, non-profit...

USTR aims for more balanced trade in US-EU trade talks

Textiles | On 23rd Jan 2019

USTR aims for more balanced trade in US-EU trade talks

In negotiations for a trade agreement with the European Union (EU),...

Courtesy: Ayotunde Oguntoyinbo/SMART

Textiles | On 23rd Jan 2019

EU lacks sufficiently stringent regulations: SMART

Despite the European Union (EU) having a wide range of...

Interviews View All

Siddharth Biyani, Mangalam Industries Pvt Ltd

Siddharth Biyani
Mangalam Industries Pvt Ltd

‘The manufacturing sector is improving day-by-day, becoming better in...

Saket Garg, Garg Corporation

Saket Garg
Garg Corporation

The biggest challenge is lack of skilled workforce and competition from...

Top executives, Textile industry

Top executives
Textile industry

Overall, Union budget 2018-19 is very balanced

Pietro Turrin,

Pietro Turrin

Industrie Tessili Bresciane (ITB) has served numerous industries and...

Manoj Sorathiya,

Manoj Sorathiya

Surat-based Sunrise Imports & Exports Co is a manufacturer and...

Carolin Russ,

Carolin Russ

Weko, Weitmann & Konrad GmbH & Co KG, based in south Germany, is...

Giorgio Mantovani, Corman S.p.A

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Daniel Kaye, RocketLife

Daniel Kaye
RocketLife

<div>RocketLife, an award-winning developer of breakthrough visual...

Giulio Cesareo, Directa Plus SpA

Giulio Cesareo
Directa Plus SpA

Established in 2005, Direct Plus SpA, is one of the largest producers and...

Aditi Somani, Aditi Somani

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

Igor Chapurin, Chapurin

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Jay Ramrakhiani, Occasions Elegance Wear

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


January 2019

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search