Feltwood closes €1.2 million funding round to scale production of industrial materials made from vegetal waste
Spanish-based startup Feltwood has closed its seed funding round with EIT Food as a major investor.
Feltwood, a Spanish-based startup producing low-cost, biodegradable, mouldable, recyclable and compostable alternatives to materials and products developed from vegetal waste, has closed its seed funding round of €1.2 million, with EIT Food as a major investor, and Viscofan, the international leader in casings for food products, among other investors.
The funding round closure will support Feltwood as they continue to scale in Europe and create industrial sized production plants.
Feltwood joined the EIT Food community in July 2020 as a beneficiary of EIT Food’s COVID-19 Bridge Fund which supported startups and scaleups with high-impact and growth potential that were adversely affected by the coronavirus pandemic. The COVID-19 Bridge Fund was part of the EIT’s Crisis Response Initiative which directly contributes to the European Union’s response to the COVID-19 pandemic.
Feltwood valorises vegetal waste that is otherwise left unused, giving value to the waste and using it to create durable and alternative materials.
“Vegetal waste originating from agriculture is huge. This is often used for animal feed or biogas, but this is low value and waste is still created. We can give higher value to this waste, creating both environmental and economic gain.”
Eduardo Paz, CEO of Feltwood
Feltwood has a portfolio of two primary products and four materials, including Feltwood Hard, a compact, hard and mouldable material. Its properties make it ideal for applications similar to wood that require high resistance materials. Feltwood Hard does not splinter and can be cut, screwed and machined. Its uses include examples such as toys, furniture and disposable cutlery.
A spoon made from Feltwood Hard and a bowl made from Feltwood Pack
In August 2020, Feltwood filed an International Patent Application (PCT), protecting the technology in 153 countries worldwide.
“Once we have the knowledge of not only the basics that we have today with our demonstration plant but with the industrial scale plant we will be able to license our technology initially in Europe but then the world. Going international is our goal.”
Eduardo Paz, CEO of Feltwood
About EIT Food
EIT Food is the world’s largest and most dynamic food innovation community. We accelerate innovation to build a future-fit food system that produces healthy and sustainable food for all.
Supported by the EU, we invest in projects, organisations and individuals that share our goals for a healthy and sustainable food system. We unlock innovation potential in businesses and universities, and create and scale agrifood startups to bring new technologies and products to market. We equip entrepreneurs and professionals with the skills needed to transform the food system and put consumers at the heart of our work, helping build trust by reconnecting them to the origins of their food.
We are one of eight innovation communities established by the European Institute for Innovation & Technology (EIT), an independent EU body set up in 2008 to drive innovation and entrepreneurship across Europe.
You can follow EIT Food via www.eitfood.eu or via social media: Twitter, Facebook, LinkedIn, YouTube or Instagram.
About Viscofan
Viscofan is listed on the Continuous Market (SIBE: VIS) aimed at meeting the needs of the global food industry through custom casings, an essential ingredient for the food sector when it comes to producing sausages, cold meat and other foods. Thanks to the work and passion of its team, and its proprietary technology, the Viscofan Group is currently the international leader in casings for meat products with distribution in more than 100 countries around the world, generating sustainable value for its stakeholders.
More information about Viscofan at www.viscofan.com or LinkedIn.