A Canadian company that makes natural nonwoven fibers says it has raised $3.3 million, mostly from angel investors, to help finish developing a proprietary processing plant in Europe.
Victoria, British Columbia-based Bast Fibre Technologies made the announcement this week, saying the investors are buying common shares and will get an equity stake in the company.
Bast fiber comes from the inner bark of the bast family group of plants, including hemp, flax, jute and kenaf. Nonwoven materials are made with fibers that are bonded with chemicals, solvents or heat.
Noel Hall, the CEO of Bast Fibre Technologies, said with the completion of a processing plant in Europe, the company will “make the transition from being an R&D company to now being an R&D and Commercialization company.”
The company is working on developing disinfectant cleaning wipes.