New Merida portco Bast Fibre Technologies completes Series A financing

PR Newswire, May 29, 2021

Merida Capital Holdings is a key new shareholder in a series A financing for Bast Fibre Technologies ("BFT"), a cleantech natural fibre engineering company.

Having announced the closing of a CAD$8.5 million (US$7 million) series A equity financing, BFT will now enter its next phase of growth focused on the full-scale manufacturing and commercialization of natural bast fibres for non-woven products.

With a worldwide plastic legislation movement that continues to disrupt the non-woven industry, many global brands have pledged to eliminate plastic from their products by 2030, instead seeking out sustainable alternatives to man-made fibres. Natural bast fibre, an annually renewable crop, is a strong, cellulosic fibre obtained from the outer bark of jute, kenaf, flax and hemp plants.

Bast Fibre Tech produces 100% plant-based, intact natural fibres with the technical and performance requirements for a wide variety of nonwoven applications.

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