Paris-based Fairmat, a deep tech startup that aims to recycle advanced materials such as carbon fibre-based composites, announced on Monday that it has secured €34M in a Series A round of funding.
This funding marks one of the largest Series A rounds for a deep tech startup in France and Europe this year.
The round was co-led by Temasek and Compagnie Nationale à Portefeuille (CNP/Groupe Frère), with participation from a group of investors including Singular, Pictet Group, and The Friedkin Group International, as well as prominent business angels, including Danone CEO Antoine de Saint-Affrique.
Fund utilisation
The French company will use the funds to accelerate the deployment of its robotised industrial capabilities, including its newly inaugurated automated sorting plant.
In addition, Fairmat will use part of the capital to expand into new markets, starting with the United States in 2023, Spain and Germany soon after.
Consequently, the deep tech company plans to hire around 400 people by 2025 across robotics and data science. Currently, the company employs around 80 people.
To date, the company has raised €44M in funding.
“Recycling advanced materials like carbon fibre composite is one of the strongest actions we can take to accelerate the decarbonization of the manufacturing sector,” declares Ben Saada, Fairmat’s CEO. “Today, we are thrilled to see our vision of the next generation of materials coming to life as we accelerate our production and expand our international development.”
Fairmat: What you need to know
Founded in 2020 by Benjamin Saada, Fairmat recycles advanced materials like carbon fibre composite (flexible and resistant) to reuse in composite material applications for a positive global impact.
Since its inception, the company has already signed a partnership with 15 companies, accounting for more than 35 per cent of European scrap supply. Some clients include Dassault Aviation, Siemens Gamesa, MerConcept, Hexcel, and Tarmac Aerosave.
The company claims its product — Fairmat Quest, which produces 3.8kg of CO2e per kilo of material produced, is one of the most performing and sustainable materials available for the circular economy.
Investor
CNP is a family-backed investment firm investing in the long-term development of emerging and mature companies.
“Fairmat has developed its breakthrough technology and new materials rapidly and with greater capital efficiency thanks to the team’s immense ingenuity in robotics and material research science. Their approach is fundamentally game-changing at scale and aligns with CNP’s ambition to support sustainable growth champions,” says Benoit Robertz, partner at CNP.
“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.
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