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Cleantech startup Alina raises EUR 550,000 investment

BC, Riga, 28.12.2017.Print version
Latvia’s innovative clay additive manufacturer Alina has raised a EUR 550,000 investment from business angel syndicate, the company reported LETA.

The investment will fund the development of a demo plant with a production capacity of up to 40 tons per year, as well to accelerate Alina product sales, that includes research and development work with potential clients. Demo production is a particularly important milestone for Alina business because a fully tested production plant in Latvia opens the possibility to outsource manufacturing via partners in Europe.

One of the investors, Jerry Wirth, said that the investors were impressed with the co-founders' talents and dedication and the innovative approach they are taking to enter the paint additive industry.

Alina co-founder Solvita Kostjukova said that this seed investment will help the company ramp up production so that Alina can enter the European market and create the strategic partnerships that are critical for scaling in Europe.

Alina belongs to Kostjukova (70%), Davids Stebelis (20%) and Girts Ozols (10%). The company was founded in December 2016, and has a share capital of EUR 3,000.

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