Gaia Biomaterials has successfully concluded a $5 million rights issue. The rights issue is backed by the Swedish state owned greentech venture capital fund Almi Invest Greentech, and private international and domestic investors. Funds will be used to expand market penetration in the United States, India, and other targeted markets.
Gaia Biomaterials is unique as the company’s home-compostable material, Biodolomer, is based on limestone, one of the most commonly available minerals on earth. Biodolomer can replace fossil plastic in everything from drinking cups to grocery bags. It is fully compostable with a minimal carbon footprint and does not result in any micro-plastics during the composting process.
“We have a revolutionary and proprietary technology, we have the production capacity, and we have done our market testing,” says Peter Stenström, CEO. “Now, the time has come to expand our market presence. We will use our funds to expand our global network of commercial agents and train and support them.”
One of the key investors is the Swedish state-owned greentech venture capital fund, Almi Invest Greentech. “We look for great commercial and environmental potential combined” says investment manager Jörgen Bodin. “Although we look at about 300 companies yearly we only invest in a handful. Gaia Biomaterials has a proven track record of living up to its promises. Their product has enormous potential as it is both climate-positive and will reduce waste and microplastics.”
