Paptic announced a new investor this week. Japan’s Itochu Corporation has entered the Finnish material’s specialist’s capital with an initial investment of €2m.
Finnish company Paptic, supplier of the eponymous fiber-based material for flexible packaging applications, has secured a new round of financing from Itochu Corporation – the first non-Finnish company to buy into its capital. “This investment of €2m represents half of the current round, with additional funds planned in the short term,” Kari Laukkarinen, member of the management team, tells Luxe Packaging Insight.
The funds will primarily fuel the expansion of Paptic’s presence into new regional markets and further develop its product portfolio. “We aim to develop our flexible packaging offer to new segments including fine foods and personal care,” adds Laukkarinen. Paptic has raised more than €13m since it was founded.
Paptic is made of cellulose fibers and the same additives used in traditional papermaking. Its production process is based on a foam-forming technology, which the supplier says consumes around 40% less water than traditional paper. It is also recyclable with traditional carton board. The product range includes Paptic Tringa, Paptic Gavia and Paptic Sterna.