Fairmat, the Paris-based sustainable deep tech start-up pioneering the recycling of advanced materials, announced that it has completed its Series A funding round at a total of €34M, one of the largest Series A rounds for a deep tech startup in both France and Europe as a whole this year.
This oversubscribed financing operation was co-led by Singapore investment company, Temasek and the Belgian group Compagnie Nationale à Portefeuille (CNP/Groupe Frère), and with participation from a group of investors including original seed funding VC Singular, Swiss-based wealth and asset managers, Pictet Group, and The Friedkin Group International, the London-based investment arm of an American consortium of automotive, hospitality, entertainment, sports and adventure companies. Prominent business angels like Danone CEO Antoine de Saint-Affrique, other CEOs and founders of successful tech startups also joined in this round.
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“Recycling advanced materials like carbon fiber composite is one of the strongest actions we can take to accelerate the decarbonization of the manufacturing sector,” declared Ben Saada, Fairmat’s 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.”
In the two years since its founding, FAIRMAT has made remarkable progress: securing more than 35% of European scrap supply, generating commercial interest for its products, opening its first factory, and building a team in line with its aspirations.
The company will use the funds to accelerate the deployment of its robotized industrial capabilities, including the ramp up of its newly inaugurated automated sorting plant, which will host over a hundred robots and be able to handle up to 3,500 metric tons of scrap per year. Additionally, the company will be expanding internationally into new markets, starting with the United States in 2023 and Spain, Germany, soon after. As part of this expansion, Fairmat will also 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’s solution is coherent with current environmental priorities (lifecycle analysis achievements, ESG roadmap and certification objectives). This investment will help make sure that the deep tech startup becomes a key tech player in Europe’s circular economy landscape – and beyond.
SOURCE: PR Newswire