Cleantech company Nilo secures $13m in series A fund raise

The Inter IKEA group of companies has co-led Nilo's fund raise. (Image: Depositphotos)

Fri, 06 Dec 2024

Cleantech company Nilo has secured a $13 million series A capital raise let by Inter IKEA and venture capital firm Pacific Channel. The company has developed a drop-in adhesive to replace urea formaldehyde, which is used as a binding agent in furniture, flooring and cabinetry.Inter IKEA is the group of companies that manages the IKEA brand.Chief executive Tim Williams told BusinessDesk the company had already proved its product worked and was ready to scale up its commercialisation."We just wanted to load up the tank and make sure we...

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