Gaia Biomaterials announces $5M rights issue

In Sweden, Gaia Biomaterials has successfully concluded a $5 million rights issue. The rights issue is backed by the Swedish state owned greentech venture capital fund Almi Invest Greentech, and private international and domestic investors. Funds will be used to expand market penetration in the United States, India, and other targeted markets.

Gaia Biomaterials is unique as the company’s home-compostable material, Biodolomer, is based on limestone, one of the most commonly available minerals on earth. Biodolomer can replace fossil plastic in everything from drinking cups to grocery bags. It is fully compostable with a minimal carbon footprint and does not result in any micro-plastics during the composting process,