Finland’s Sofi Filtration Oy, a Loudspring Oyj portfolio company, has closed a €3 million funding round led by Emerald Technology Ventures and joined by Voima Ventures.
A secondary transaction was also conducted with selected investors including Loudspring.
Loudspring’s fully diluted ownership of Sofi Filtration is now 20.9% compared with 24.7% prior to the investment and secondary transactions.
This is the first investment of Emerald’s recently announced water innovation impact fund. As part of the transaction, Helge Daebel, Emerald partner for water activities, has joined the board of Sofi Filtration.
“There is a rapidly growing international market for Sofi’s solutions and we have selected to protect our ownership in Sofi by purchasing shares in Sofi from early investors in connection to this investment round,” said Loudspring CEO Jarkko Joki-Tokola. “We were able to protect our ownership on favourable terms and are thrilled to continue supporting Sofi on its growth journey.”
“For a number of years, now Sofi Filtration has developed its processes to effectively enter new markets and has established brand awareness as the go-to technology, when it comes to automatically self-cleaning microfiltration,” said Sofi Filtration CEO Ville Hakala. “To address the tremendous growth opportunities, we set ourselves out to find the best investors in our specific field of business. With this financing round, we will have the resources to grow our business to the technology’s full potential.”
“Sofi Filtration offers a unique, rugged, low-touch and very efficient filtration system for several large industrial markets that are facing significant challenges,” said Emerald’s Daebel. “In combination with strong regulatory pressure, the demand for higher recovery of resources, including water, increases, resulting in an impressive market pull for Sofi Filtration’s solutions. We therefore look forward to working with the company to further capture its market potential.”