“With this financing under our belt, we can complete the final build out of our [European] manufacturing site, continue the investment in our feedstock supply chain and enter full-scale commercialization,” said chief executive Noel Hall.
Since the company’s last financing a year ago, the number of customers using its natural bast fibres on commercial production lines has significantly increased, so investing in manufacturing capacity to feed the strong market demand is critical, Hall said.
The company raised $4.5 million last year that allowed it to complete trials and start production.
Mina Mishrikey, senior partner with Merida Capital, said the Bast Fibre Technologies management team has an “unrivalled” level of experience in both natural fibre and nonwoven fabric markets. “The company’s product pipeline has the potential for immediate consumer adoption.”