Sofi Filtration signs €3mn financing round

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Loudspring Oyj portfolio company Sofi Filtration Oy has signed a €3 million investment round.

Sofi Filtration will use the proceeds to accelerate growth.

Loudspring will also purchase shares in Sofi Filtration from early investors.

Sofi Filtration’s self-cleaning Sofi Filter enables cost-efficient micro filtration of large amounts of water. The Finnish company focuses on marine, oil and gas, mining and power generation industries, with end-customers mainly in North America and Northern Europe. The company has also conducted successful pilots in new industries, such as the plastics industry, where there is increased awareness of microplastics contamination.

“Sofi was on a rapid growth trajectory when the pandemic caused a significant negative impact on Sofi as the market for investment goods halted and customer deliveries stalled,” said Loudspring Oyj CEO Jarkko Joki-Tokola. “We have always been aware of the high quality of Sofi Filtration’s technology and the new lead investor provides Sofi with industry expertise and the resources needed to build a world-leading water technology company.”

“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. “However, as we learn how our technology’s capabilities match increasing global water treatment needs, we have painfully acknowledged our limited financial resources to serve our large client industries. To tackle this problem, we set ourselves out to find the best investor in our specific field of business. After this financing round closes we will have the resources to grow our business to the technology’s full potential.”