France-based Ecoat secures €21M to drive the ecological transition of the paints and coatings industry

Grasse-based Ecoat, a French green-tech scale-up, has closed a €21M funding round to advance its work in the coatings and paints sector. 

According to the French company, this industry accounts for 2 per cent of global industrial greenhouse gas emissions. Ecoat focuses on replacing fossil-based binders with bio-based, low-carbon alternatives to reduce emissions.

Ecoat raised €18M in equity funding from Yotta Capital, the European Circular Bioeconomy Fund (ECBF), and Starquest. The round was also supported by the French government’s France 2030 plan, via ADEME.

Chloé Cohen-Aknine, Investment Director at Starquest Capital, says, “We’ve been backing Ecoat since the very beginning, in 2013 — long before the coatings sector turned its eyes to sustainability. From those early days to becoming a European market leader, we’ve watched Ecoat turn vision into execution.”

“This new round marks a new chapter: one of international growth, especially in the US market, to maximise the decarbonisation impact in the global building industry.”

A forthcoming debt package backed by Bpifrance and Ecoat’s banking partners will bring the total funding to over €21M.

Nadia Bouzigues, Managing Partner at Yotta Capital, adds, “With its investment in Ecoat, Yotta is proud to finance through its Growth Fund Yotta Growth Industry a French leading industrial SMEs which brings to the market innovative and cost-competitive low-carbon solutions to accelerate the decarbonisation of the paint & coating industry.”

“We will work alongside Ecoat’s management and our co-investors to help accelerate its growth and its positive impact on the environment.”

Capital utilisation

Ecoat will use the funds to scale production to 30,000 tons of bio-based binders at its Roussillon plant. 

The company plans to expand its team in R&D, operations, and commercial roles, accelerate international growth in Europe, the US, and Asia, launch new products, and strengthen partnerships with global industrial firms. 

Ecoat will also explore targeted growth opportunities to expand its position in sustainable coatings.

Olivier Choulet, CEO of Ecoat, says, “This marks a turning point for Ecoat. With the support of our new partners, we’re ready to scale fast — expanding production, accelerating R&D, and going global — all while staying true to our mission: making sustainable coatings the industry standard.”

“We’re proud to be a European leader already — and now, we’re stepping into the US and Asian markets to take this impact to the next level.”

Brief about Ecoat

Founded in 2011, Ecoat develops eco-designed, bio-based binders for decorative, wood, and metal paints, replacing fossil-derived polymers. As a “Société à Mission” since 2022, the company integrates green chemistry, life cycle analysis, and sustainability into its innovations.

With an average annual growth rate of 60 per cent over the past five years, Ecoat claims to be outpacing a flat or declining coatings market. Its water-based, bio-based binders contribute to large-scale industrial decarbonisation, reducing emissions while maintaining performance. 

Through life cycle assessment expertise and responsible chemical management, Ecoat says it helps the industry lower its environmental footprint. The company is now looking to further expand and aims for strong double-digit growth in 2025.