The eco-startup Releaf Paper, founded by Ukrainians, is planning a new investment round of €8 million at the start of 2024
It is expected that the European Commission's venture fund will invest €4 million
Releaf Paper, a company specialising in the production of paper and packaging from fallen leaves, is planning to hold another investment round of €8 million at the beginning of 2024.
Co-founder and CEO of Releaf Paper, Oleksandr Sobolenko, stated this in an interview with Mind.
"The lead investor for the remaining 50% is not yet determined. We are not actively working at the moment, as the round will take place in the first half of next year. However, there is a great interest from European, North American, and Asian funds," he noted. Sobolenko added that there had been one investment offer from Ukraine, but most of the proposals did not meet the company's criteria, so the second investor was still not determined.
Recall that in December 2022, the startup received a grant of €2.5 million from the European Commission thanks to victory in the EIC Accelerator 2022 programme.
Additionally, the European Commission guarantees another €4 million as an investment in the project. The company noted that they received assurances for these funds after successfully confirming the previous grant of €2.5 million.
Background. Mind previously reported that the Ukrainian startup Releaf Paper planned to launch its first production in France by 2025.
