The innovative biomaterials manufacturing company Brightplus has raised EUR 3.85 million in growth funding. The financing round was led by a private equity fund Nordic Option, together with an international group of investment companies and private investors. Brightplus will use the growth funding for expanding its research and development facilities in Oulu, Finland and for recruiting new specialists to support international growth.
Brightplus specialises in design and development of functional green chemistry-based biomaterial solutions to replace fossil-based plastics. All materials are based on a patented core technology platform BrightBio, which enables combining renewable natural sources and industrial by-products into functional biomass and colouring the material with natural dyes, such as indigo.
Over the past years, the company has successfully expanded its domestic and international customer base and aims to become one of the industry’s leading biomaterial providers.
In this funding round A, Brightplus raised a capital investment of EUR 3.85 million. The round was led by a private equity company Nordic Option together with British E.A.T. Holdings, the Finnfoam company owner family Nieminen, Pikespo Invest, Gofore company Chairman of the Board Timur Kärki, and a number of private investors as well as the Finnish business innovation financier Business Finland.
Innovative material solutions for a more circular future
”The talented team in Brightplus has developed and patented a technology that is able to meet growing biomaterial needs of multiple industries in terms of performance and functionality. The company’s growth potential is significant, as a large number of manufacturers are looking to substitute fossil-based materials. With this growth financing, we will be able to strengthen the company’s resources to meet increasing international demand generated by the current economic megatrend. We are very pleased to start this cooperation”, says Nordic Option’s CEO Jaakko Lampela.
”We have done long-term development work and designed and tailored functional biomaterials for varied customer requirements. A huge thank you goes to our amazing team, who has worked with passion and determination and accelerated our growth to a strong stage. With this financing, we will recruit new experts to our team, who share our motivation to build a more sustainable future. Our strong shared vision really drives our progress”, rejoices the Managing Director of Brightplus, Milja Hannu-Kuure.
Brightplus was founded in 2014. Currently, the company has a multicultural 17-person team with headquarters and 1000 sqm facility in Oulu near the Finnish Arctic Circle and sales offices in United Kingdom and Portugal. Company’s turnover was 802 000 EUR in 2020.
Nordic Option Oy is a private equity fund that invests in growth companies in northern Finland, whose main shareholders are Arvo Sijoitusosuuskunta, Partnera Oyj and the City of Oulu. The company aims to provide a northern alternative to enable the growth and internationalization of small and medium-sized businesses.