Bast Fibre Technologies (BFT), a cleantech natural fiber engineering company working with hemp, announced this week the closing of a CAD$8.5 million ($7 million) Series A equity financing round.
U.S.-based private equity firm Merida Capital Holdings is a key new shareholder in this Series A financing, which also includes significant participation from existing investors.
The company will now enter its next phase of growth focused on the full-scale manufacturing and commercialization of natural bast fibers for nonwoven products.
“Merida is making strategic moves within the hemp fiber space, and Bast Fibre Technologies was an easy choice as we continue to grow our investments within this industry,” said Mina Mishrikey, senior partner of Merida Capital Holdings. “The management team at Bast Fibre Technologies has an unrivaled level of experience in both the natural fiber and nonwoven fabric markets and the Company's nonwoven pipeline has the potential for immediate consumer adoption. We couldn’t be more excited to be a part of their continued growth.”
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