European Circular Bioeconomy Fund, a venture capital fund, led a €23m in Paptic, a growth company manufacturing wood fibre-based packaging materials, with participation from Ecolab and Itochu Fibre. “Our rapid progress from a startup to a high-growth company, with Paptic materials in use by over 100 customers globally, has made us an appealing investment opportunity and we are delighted to welcome our new international investors to join us. A cornerstone of our operation is to work in accordance with the principles of circular economy, to this end, we support our customers to replace plastics in various flexible packaging applications. Expanding our global shareholder base was one of the targets of this round, and I am very satisfied with the outcome,” Tuomas Mustonen, Paptic CEO and Co-Founder.