Releaf Paper, a Ukrainian startup that produces paper and packaging from fallen leaves, plans to raise another €8 million, with €4 million coming from guaranteed investments from the EU. The co-founder of the startup, Oleksandr Sobolenko, told it to AIN.UA.
In December 2022, the startup already attracted a €2.5 million grant from the European Commission when it won the EIC Accelerator 2022 program. Another €4 million is a guaranteed investment from the European Commission.
For another €4 million, the team will look for a lead investor, but according to Sobolenko, there is no rush in this matter. The remaining €8 million will be used to build two new small factories or one large one in other countries.
Releaf Paper was founded in 2020 by Oleksandr Sobolenko and Valentyn Frechka. Paper production took place first in Zhytomyr and then in Lutsk, and at first the company did not have its own facilities. The team works on making paper from fallen leaves.
Releaf Paper claims that each ton of leaf paper produced saves 17 trees from being cut down. Pilot sales of paper used as packaging and paper bags began in September 2021 at the first test plant in Ukraine with a capacity of 5000 tons per year.
In 2022, the startup produced 150 tons of paper, launched sales in Europe, and generated €165,000 in revenue. Among its clients: L’Oreal, Schneider Electric, Samsung, NYX, and other well-known companies.
Read more about investments in Ukrainian startups: Ukrainian Startup Mark Develops a medical AI service and raised $200,000 in funding
