UB FIGG led second part of EUR 27.5 million investment round in Paptic

United Bankers Plc

PRESS RELEASE 17 January 2024 at 11.00 EET


UB Forest Industry Green Growth Fund (UB FIGG) led the second part of EUR 27.5 million investment round in Paptic Ltd, a high-growth company manufacturing wood fibre-based packaging materials. Paptic made the second closing of the growth financing totaling EUR 4.5 million at the end of 2023. UB FIGG was joined by Emerald Technology Ventures, SIG InnoVentures, and EIC Fund in the round. In the first round (first closing) of the two-part growth financing, Paptic raised funding of EUR 23 million. In total, the company closed EUR 27.5 million in growth financing in 2023. In addition to leading this primary round, UB FIGG also purchased secondary shares from early-stage investors, making it the largest financial investor in Paptic.


 “We are very pleased to have closed this investment in Paptic. We have been closely monitoring the company’s progress and the success the Paptic team has had in new product development and work with leading global brands. This all forms a solid base for on-going success and this additional financing will help accelerate its growth”, says David Walker, Senior Partner at UB FIGG.


“Paptic and UB FIGG have being in discussions for some time about this investment. During that process it became clear that UB FIGG team’s deep pulp, paper and packaging industry expertise and focused investing approach would bring significant value to Paptic. We share a common interest in building a business to create a more sustainable future and I look forward to continuing our successful co-operation”, Tuomas Mustonen, CEO and Co-Founder of Paptic, concludes. “Now that the financial round is officially closed, we are excited to focus on the next stages of our future growth. We have the ambitious goal to reach EUR 100 million in revenue in 2026. The new capital raised during the past year puts us in a strong position to invest in our people, sales channels, technology, and product development. Our growth is based on our ability to competitively serve international brand owner who are seeking sustainable alternatives to replace plastics in their packaging”.



UB FIGG is a private equity fund investing in companies focused on plastic and other fossil based material replacements, higher value and more efficient use of wood and agricultural raw material side streams and greater use of these raw materials across a wide range of intermediate and end uses. Through its investments, the Fund helps the forest and bio-based industries to create solutions to mitigate climate change. UB FIGG is a signatory of Operating Principles for Impact Management and reports on the environmental and climate impact of its investments. UB FIGG started its operations in January 2023 with over EUR 100 million in investment commitments. UB FIGG’s target size is EUR 300 million and the Fund accepts investments from professional investors until the target amount is reached or until July 2024.




About Paptic

Paptic Ltd is a high-growth company established in 2015 with headquarters in Espoo, Finland. The company has developed Paptic®, a fibre-based and recyclable material to replace plastics and other conventional materials in packaging. Paptic® materials have been available on an industrial scale since 2018. Today Paptic is a company of 45 professionals, and Paptic® materials are delivered to over 50 countries.



For further information:

David Walker, Senior Partner, UB Forest Industry Green Growth Fund

Email: david.walker@unitedbankers.com

Tel.: +358 40 672 6292


Tuomas Mustonen, CEO and Co-Founder, Paptic Ltd

Email: tuomas.mustonen@paptic.com

Tel.: +358 50 598 7516


United Bankers in brief:

United Bankers Plc is a Finnish expert on wealth management and investment markets, established in 1986. United Bankers Group’s business segments include wealth management and capital markets services. In asset management, the Group specializes in real asset investments. United Bankers Plc is majority-owned by its key personnel and the Group employs 163 employees (FTE) and 31 agents (30 June 2023). In 2022, the United Bankers Group’s revenue totalled EUR 48.6 million and its adjusted operating profit amounted to EUR 16.6 million. The Group’s assets under management amount to approximately EUR 4.6 billion (30 June 2023). United Bankers Plc’s shares are listed on Nasdaq Helsinki Ltd. The Group companies are subject to the Finnish Financial Supervisory Authority’s supervision. For further information on United Bankers Group, please visit www.unitedbankers.com.