The main investor in the additional financing round was Butterfly Ventures, which had previously invested in the company. Also, Tesi (Finnish Industry Investment Ltd) and earlier shareholders participated in it. With the new capital, the company aims for even faster growth and development.
READ ALSO: OrbVest CEO: Americans on the Move Shaking Up Healthcare
"Uute Scientific has a strong technology- and research background from the Universities of Helsinki and Tampere, as well as a good IP base. The team is really good. In addition, the speed with which Uute Scientific has been able to acquire paying customers has surprised us positively several times. Uute Scientific Oy is clearly one of our portfolio companies of which we expect a really big success story. Additional investments in Uute Scientific have been in our investment plans for some time. For these reasons, the additional investment was an easy solution," says Juho Risku, Butterfly Ventures Oy's Co-Founder and Partner.
"Currently, about 500 million people suffer from immune-mediated diseases such as allergies, celiac disease, and type 1 diabetes. This is due to urbanization and the fact that there is no longer exposure to nature's diverse microbes. We believe that it is better to prevent these diseases than to treat the symptoms," says Kari Sinivuori, CEO of Uute Scientific Oy. We currently have ten customers who have brought about 30 consumer products to the Finnish and UK markets. In addition, we have delivered test batches to Germany and Spain. We have very strong scientific support for our patented raw material, and this additional round of funding guarantees us the opportunity for various development projects with international consumer goods giants. At the same time, we are looking towards 2023, aiming for an IPO," Sinivuori continues.
RELATED ARTICLE: Greenspaces Near Schools and Homes: Research Shows the Role of Nature in Keeping Children Healthy
