French luxury house Chanel has invested in Finnish start-up Sulapac.
Listed among the top-100 hottest start-ups in Europe by Wired Magazine, Sulapac aims to tackle the accumulation of non-biodegradable plastics. To this end it has developed a biodegradable and microplastic-free material made of FSC-certified wood chips and natural binders.
This material has all the benefits of plastic, yet they biodegrade completely and leave no microplastics behind. In addition it can be used with existing machinery, without the need for new factories.
‘We have set very high-quality standard to our sustainable material, with an ambition to replace plastic, and we are very pleased to welcome Chanel, a leading brand representing the most demanding luxury segment, among our investors,’ said CEO Suvi Haimi. ‘Chanel is definitely one of the forerunners in the luxury segment as they want to invest on latest sustainable material and technology innovations. Our mission to save this world from the plastic waste just became a big step closer!’
Chanel is the first investor from the cosmetic industry, though existing backers include Lifeline Ventures, Ardent Venture and Eerik Paasikivi.
