EIC funded Finnish start-up Woodio, known for its ecological bathroom furniture, has raised over €16 million in growth capital to scale up its operations and expand internationally. The company will be transitioning from its pilot factory environment to a larger production capacity enabled by the new factory in Lahti, which will be completed in the spring of 2025 at a cost of approximately €7 million.
Woodio received €7,5 million funding from the European Innovation Council’s EIC Accelerator programme to develop and scale-up its production process. It later secured a total of €16.3 million in growth funding for its international expansion, with the funding round led by UB Forest Industry Green Growth Fund (UB FIGG) and the European Innovation Council Fund (EIC).
Founded in Helsinki in 2015, Woodio's products are designed to replace traditional ceramics and stone in interior design solutions by using renewable raw materials and low-energy manufacturing process, focusing on durability and easy maintenance.
- Project duration
- 1 Mar 2021 - 31 Oct 2023
- Project locations
- Finland
- Overall budget
- €3 560 000
- Project website
- https://woodio.fi/en/