PRESS RELEASE
Hamburg, 04 February 2021:
BIO-LUTIONS accelerates growth of German production site through a Pre-Series B with existing investors in the amount of 2.7 million euros
Hamburg-based CleanTech startup BIO-LUTIONS has again secured funding from its shareholders. Delivery Hero SE and other existing investors have provided 2.7 million euros in a preliminary Series B round. The more substantial Series B financing round is scheduled for later this year.
The preliminary round serves to accelerate the expansion of production at the Schwedt site in order to create larger production capacities in the future. The decision by the German parliament to adopt the EU ban on single-use plastic into German law is increasing the pressure on German industry enormously. From mid-2021, plastic straws, cutlery and other disposable plastic items are to disappear from stores in the EU.
With its sustainable packaging and disposable products made from agricultural fibers, BIO-LUTIONS offers an ideal alternative. The Hamburg-based company’s production process gives currently unused agricultural residues a second life as raw materials to replace conventional plastic and paper products.
For more information please contact:
Celine Barth Corporate – Communications and PR Manager
E-Mail: [email protected]
All illustrations: © BIO-LUTIONS