The impact investor, Norselab, contributed with NOK 8 million in the round. The remainder of the funds come from MP Pensjon, Marius Maske AS, as well as existing shareholders.
“Looping is in an excellent position for expansion into international markets. We also believe they can expand to new industries that depend on single-use plastics, which makes Looping a very attractive investment, both in terms of commercial potential and impact”, says Norselab CIO Yngve Tvedt.
Looping is already present in Norway, Sweden, Finland, Denmark, and the Baltics. With the fresh capital, the company plans to introduce its product, Modulcover, to Germany and Benelux. Ramirent, CRAMO and Algeco are among the company’s customers in Scandinavia, and the partnership with them will be crucial for the coming venture.
“Expanding to Europe with our customers, we’re lucky to have Norselab as an owner with considerable insight into circularity, business expertise, and with international recognition. This will bring added value to the company beyond the fresh capital,” says Looping CEO Jens Brustad.
As part of the new ownership structure, and to support the company’s growth, Fredrik Wahl becomes new chair of the board. Wahl has spent the major part of his career at DNB - Norways by far largest bank, as Senior Vice President focusing on Investments, M&A and restructuring.
"I’m pleased to assume this responsibility in this exciting phase of the company. We are all very pleased to have Norselab join with their solid track record and expertise within impact investments, and we are very much looking forward to collaborating on the work with realising the company’s ambitious growth plan”, says Wahl.
Read more about Norselab and the transaction here (in Norwegian):Norselab klinker til med dobbel bærekrafts-investering (shifter.no)
