VTT winds down Spinnova stake

Aug 20, 2018 •

VTT Ventures has exited textile fibre developer Spinnova, spun out from the research centre in 2014.

VTT Technical Research Centre of Finland exited its Finland-based textile fibre spinout Spinnova yesterday to be replaced by new shareholders Maki.vc and Beata Domus.

VTT Ventures, the investment arm of VTT, had held the stake on behalf of the institution.

Spinnova has also secured a total of €7.5m ($8.6m) in debt, with $5.1m of the sum supplied by financial services firm OP Bank and guaranteed by the EU-owned European Investment Bank. The remaining $3.4m was supplied by government trade and research…

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