“Paptic, as a company addressing a global environmental challenge, has a perfect fit with Itochu’s sustainability strategy,” commented Jin Asada, chief executive of Itochu Fiber. “Having tested the different Paptic materials in various packaging applications we believe Paptic will be a true game-changer in the flexible packaging materials in practically all geographical markets.”
“We are extremely pleased with Itochu joining the Paptic family,” said Tuomas Mustonen, co-founder and chief executive of Paptic. “The discussions and collaboration in the past months have shown that in Itochu we have found a long-term investor with the growth and sustainability plans very well aligned with ours. Paptic is a high-growth company, and this investment will ensure the next phase in our growth story. We have an ambitious growth vision for the coming years, and we will continue opening new market opportunities and raising further financing to reach our targets. ”
Paptic has raised in total over 13 million euros of equity investments during the course of the company. In the previous round, in May 2020 Paptic secured over four million euros of equity with Springvest’s public financing round.