We advised the Estonian green technology company Cuploop on raising EUR 2 million from SmartCap Green Fund and the Danish Impact Investment Fund Footprint Firm.
Solving the global debris problem
Cuploop develops the technology needed to circulate reusable packaging. With the capital raised, Cuploop plans to improve the reliability of its technology and develop final product. Growth and production capacity will also be increased to meet the growing market demand.
The company already cooperates with providers of circulation packaging in Estonia; for example, Eesti Pandipakend and GreenCup. Cuploop has also started projects with major international companies in the Netherlands, Spain, Austria, Denmark and Lithuania, i.e. the countries where it wants to expand quickly together with its partners.
International market
Lauri Luik, CEO and co-founder of Cuploop, said that reuse solutions are becoming more widespread worldwide and single-use packaging will soon be a thing of the past. “Even if the single-use package is naturally degradable, its use is irrational and resource-intensive compared to a package that can be reused dozens or even hundreds of times,” Luik said.
“The technology being developed by Cuploop contributes directly to one of the European Union’s top-priority climate goals, i.e. it helps to create the prerequisites for the transition to the circular economy by extending the life of packaging and also the development of the necessary infrastructure, both here and in international markets. The company has the potential and a clear plan for this – that proved important in making an investment decision,” said Sille Pettai, fund manager and a member of SmartCap’s management board.
Interest from well-known players
Early investors in Cuploop include experienced EstBan investors such as Lev Dolgatšjov , Mait Sooaru and Andrus Purde; Pipedrive founders Martin Henk, Ragnar Sass and Martin Tajur; and Bolt co-founder Martin Villig.
Previously, the company has also raised funds amounting to approximately EUR 100 000 from the Environmental Investment Centre and angel investors to develop the first prototypes.
Our services and client team
We advised Cuploop on all legal issues related to the investment.
Our client team was led by counsel Lauri Liivat and associate Kevin Piho, supported by partner Toomas Prangli, senior associate Olivia Kranich and assistant lawyer Meri-Ly Karjus.
In April 2021, we advised Cuploop on raising EUR 550 000 – more information here.
