Fairmat, a Paris-based startup focused on advancing the recycling, has received 34 million euros ($34.86 million) through its recently completed Series A funding round. The company says this is one of the largest Series A rounds for a deep-tech startup in France and Europe this year.
"Recycling advanced materials like carbon fiber composite is one of the strongest actions we can take to accelerate the decarbonization of the manufacturing sector," says Ben Saada, Fairmat' CEO. "Today, we are thrilled to see our vision of a next generation of materials coming to life as we are accelerating our production and expanding our international development."
The company will use the funds to accelerate the deployment of its robotized industrial capabilities, including the ramp-up of its automated sorting plant, which will host more than 100 robots and be able to handle up to 3,500 metric tons of material annually. Additionally, the company says it will expand internationally into new markets, starting with the United States in 2023 and Spain and Germany soon after. As part of this expansion, Fairmat also will grow its global team from 80 in 2022 to 400 people by 2025, seeking to recruit the best talent in robotics and data science.
Entering new verticals is also part of the plan, as Fairmat looks to leverage its materials business unit for greater sustainability impact in sectors as large as consumer electronic goods, mobility, sports and leisure.
Fairmat says this investment will help make sure that it becomes a key tech player in Europe's circular economy landscape.
Following the principle of fairness that Fairmat says it has put front and center in its mission, the company also has chosen to receive assistance from Phiture, a nonprofit tech investment fund launched by Paris-based Raise Sherpas. At the heart of its model, all the earnings generated will be redistributed to projects addressing environmental protection, entrepreneurship for vulnerable groups and job creation.
"We are convinced that thanks to our investment in Fairmat, the company and its mission's success will play a critical role in reducing inequality and promoting sustainable development," says Noé Gersanois, co-head of Raise Sherpas.
This oversubscribed financing operation was co-led by Singapore investment company, Temasek, the Belgian group Compagnie Nationale à Portefeuille with investments from other companies. Prominent business angels like Danone CEO Antoine de Saint-Affrique also joined in this round.
The new investment brings Fairmat's total funding to 44 million euros ($45 million) after a seed round in September last year. In the two years since its founding, Fairmat says it has made progress by securing more than 35 percent of European scrap supply, generating commercial interest for its products, opening its first factory and building a team in line with its aspirations.
Latest from Recycling Today
- Copper Development Association analysis shows copper should be included on US Critical Minerals List
- Recycleye raises $17M in Series A funding
- Invalua introduces technology to establish Scope 3 emissions baselines
- Caterpillar announces 2 new board members
- Vanden Recycling welcomes new managing director for UK and Europe
- Fresh Perspective
- Product Spotlight
- Equipment Report