TAGS: Sustainability / Natural Cosmetics
Finnish start-up Innomost raises 5M euros to bring their birch bark innovation into new markets as a sustainable alternative for environmentally harmful ingredients in consumer products. The funding round was led by Metsä Spring Ltd. with Innovestor and angel investors joining the round. The round was completed with grants and loans from Business Finland as well as other public financing sources.
Builds Production Facility
The funding will be used to set up a pilot plant in their hometown of Kokkola. Innomost aims to build a production facility capable of producing 20 tons of birch bark products per year by 2023. Capital will also go towards further R&D work, as well as growing their existing customer base in international markets. The pilot plant will be used to test and plan the process for the next industrial-scale plant.
Consumers want to use natural, renewable, and sustainable cosmetics that are good for them and for the world. The majority of ingredients and packaging materials used today, however, are made from fossil fuels, plastic, or palm oil, which are associated with many environmental and ethical issues.
Innovations in Cosmetics Industry
Innomost develops and produces high-value bioactive ingredients from forest industry side streams that enable its customers to make groundbreaking innovations in the cosmetic beauty industry. By using birch bark side streams, Innomost can upcycle naturally occurring raw materials that would normally be used for energy production or other lower value purposes into high-quality products. The products are more environmentally sustainable, as they derive from a renewable carbon source rather than similar fossil fuel-based materials.
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It is really a win-win situation. The raw materials for Innomost’s products are available in large volumes at a feasible cost. Our raw material originates from Nordic forests, not from lands that could be used for food or feed. We are on top of the new beauty trend for upcycling, zero waste and full-cycle natural cosmetics,” said Sami Selkälä, CEO and founder of Innomost.
Innomost’s current product portfolio consists of birch charcoal powder, birch bark powder, betulin, suberin and azelaic acid. These ingredients are perfect for innovation in all cosmetic product categories, including skincare, haircare, body care, decorative cosmetics, and oral care. Azelaic acid, for example, is an effective solution for acne, which has exploded as a skin problem with the daily usage of face masks. Birch bark powder provides deep cleansing for skin and hair, replacing extremely problematic microplastics.
Source: Innomost