[Funding alert] Estonian-based Woola Raises €2.5M in Funding

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Leading the fundraising is Metaplanet, with new angel investors joining them, as well as Woola's 2021 investors Future Ventures and Lemonade Stand. Additionally, as sheep wool is too coarse for the textile industry, up to 90% of it is burned or buried in European nations, resulting in 200,000 tonnes of wasted wool yearly.

Woola's CEO and co-founder Anna-Liisa Palatu shared: "We founded Woola to help stop the use of fossil fuels. Two Houses of the LVMH Group are already using Woola packaging to replace plastic, and we are implementing a circular pilot program with one of them.We are proud to be working with a Group that, with its Maisons, is reinventing the packaging codes to ban fossil-based plastics ultimately."

"Beauty often lies in simplicity," said Metaplanet's Managing partner Rauno Miljand. "Woola is rescuing a natural resource – sheep wool – from ending up in landfills and using it to help retailers reach their sustainability targets. This is done via a product innovation cycle and a quick feedback loop with the customers."

Woola plans to use the additional funding to broaden its product range for the luxury and e-commerce industries as well as to bolster its sales and marketing team.

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About Woola

Since its founding in 2020, WoolaÄs has concentrated on displacing bubble wrap in online sales. The business is currently extending its product line to include premium goods.

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