Woola raises €2.5m to replace plastic packaging with wool and announces new collaborations | Woola
Summary
Now, the company is expanding its offering to the luxury goods market.One of the largest companies in Europe, the LVMH Group has outlined a path to zero virgin fossil-based plastic packaging by 2026 in their environmental performance roadmap.Earlier this year, Woola won the LVMH Innovation Award in the Sustainability and Greentech category and joined the Groups business accelerator La Maison des Startups.Metaplanet is the investment fund of Jaan Tallinn, one of the four founding engineers of Skype. The fund invests in innovation with the potential to produce an outsized return for the benefit of humankind. Woola has previously also attracted investments from the co-founders of Pipedrive, Bolt, Veriff and other angel investors.Beauty often lies in simplicity, said Metaplanets Managing partner Rauno Miljand. Woola is rescuing a natural resource sheep wool from ending up in landfills and using it to help retailers, from ecommerce to the top companies in the world of aesthetics, reach their sustainability targets. All of this is done via a product innovation cycle and a quick feedback loop with the customers.Woola will use the new funds to grow its sales and marketing team.