Waselius & Wist advised United Bankers’ UB Forest Industry Green Growth Fund I LP (“UB FIGG”) in its investment in traceless materials GmbH, a Germany-based company processing agricultural industry plant side-streams into fully biodegradable and home compostable, plastic-free natural biomaterials with applications for example in the packaging industry. Waselius & Wist acted in a coordinating role as UB FIGG’s headquarter counsel and advised UB FIGG in Finnish law aspects of the investment.
UB FIGG led the EUR 36.6 million funding round complemented by SWEN Capital Partners’ Blue Ocean fund, which invests in innovations that help address the three existential threats to ocean health: overfishing, pollution, and climate change. A local banking syndicate consisting of GLS Bank, Hamburg, and Hamburger Sparkasse also participated in the financing round, as well as the company’s three existing investors, Greentech investor Planet A Ventures, seed investor High-Tech Gründerfonds (HTGF), and deep tech investor b.value.
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.
traceless materials GmbH was founded in 2020 in Hamburg with a mission to contribute to a regenerative, climate-friendly economy and a future free of plastic pollution. With their innovative technology, the company turns agricultural industry plant leftovers into natural biomaterials that are bio-based, home compostable, plastic-free and have a minimal ecological footprint.