Wool packaging manufacturer in Estonia secures €2.5 million funding; targets replacing traditional plastic packaging with eco-friendly alternatives.
Estonian eco-friendly startup Woola, which transforms wool obtained from sheep into sustainable packaging, has secured €2.5 million in funding to further develop its protective packaging solution, aiming to replace traditional plastic packaging.
Worldwide production of plastic packaging amounts to 141 million tonnes annually, with only a meager 14% of the waste collected for recycling, and an even smaller portion effectively recycled. Concurrently, up to 90% of Europe's sheep wool goes either incinerated or buried, with approximately 200,000 tonnes of this material unutilized due to its coarse texture for the textile industry. Woola's innovative approach targets both issues by creating eco-friendly packaging from wool, providing a practical alternative to conventional plastic encasement.
The funding round, announced on December 13, was led by Metaplanet and followed by Future Ventures and Lemonade Stand, investors in Woola since 2021, along with new angel investors.
Woola, founded by Anna-Liisa Palatu and Jevgeni ŠIrai in 2020, initially centered its efforts on replacing conventional bubble wrap in e-commerce. Presently, it is extending its product offerings to cater to the luxury goods market, having won LVMH's innovation award in June.
The new funds will be used to expand Woola's sales and marketing team and widen its product lineup for the luxury and e-commerce sectors. Metaplanet, the investment fund of Jaan Tallinn, one of Skype's four original engineers, is the primary investor.
Woola capitalizes on sustainable and renewable materials to create superior protective packaging alternatives. The company's wool-based material exhibits both biodegradable and compostable properties while offering improved shock-absorbing and thermal qualities for enhanced product protection during shipping. Woola's focus on circular economy practices and innovation positions the startup for significant impact in both the sustainable packaging and luxury retail sectors.
- The Estonian eco-friendly startup Woola, which transforms wool into sustainable packaging, secured €2.5 million in funding, led by Metaplanet.
- Woola's innovative approach targets the issues of plastic waste and underutilized sheep wool, creating eco-friendly packaging from wool as an alternative to conventional plastic encasement.
- The funding round, announced on December 13, was also followed by Future Ventures and Lemonade Stand, investors since 2021, along with new angel investors.
- Woola, founded by Anna-Liisa Palatu and Jevgeni ŠIrai in 2020, aims to extend its product offerings to cater to the luxury goods market, having won LVMH's innovation award in June.
- The new funds will be used to expand Woola's sales and marketing team and widen its product lineup for the luxury and e-commerce sectors, with Metaplanet, the investment fund of Jaan Tallinn, one of Skype's original engineers, as the primary investor.
