A Paris-based startup called Fairmat has announced funding of €34M on Monday. This advanced tech company uses materials like carbon fiber-based composites, and aims to recycle them into new products.
France and Europe have seen the largest Series A rounds for more mainstream tech companies this year. This funding was one of them.
Temasek and the CNP/Groupe Frère team led the round. It included Danone CEO Antoine de Saint-Affrique as a prominent business angel, Pictet Group, Singular and The Friedkin Group International. Additionally, it showcased the involvement of several other investors including the The Friedkin Group International, Groupe Frère, and Compagnie Nationale à Portefeuille.
The French company plans to use the money to speed up the implementation of their automated manufacturing capabilities, including their recently opened automated sorting plant.
Fairmat plans to launch new markets in the United States in 2023, as well as Germany and Spain. Additionally, some of its capital will be used to expand into other countries.
The company plans to hire around 400 people in robotics and data science by 2025. Currently, they employ around 80 people.
The company has reportedly raised €44 million funding to date.
Fairmat CEO Ben Saada believes bringing new materials to the market faster will help reduce carbon emissions in the manufacturing industry. His company’s ideas are coming to life through rapid production and international development.
What You Need To Know About Fairmat
Benjamin Saada, the founder of Fairmat, started the company in 2020 with the goal of recycling materials like carbon fiber composite, which is both flexible and resistant. This process benefits the environment by using composite material applications for a positive global impact.
The company’s partnership with 15 European companies already accounts for more than 35% of the region’s scrap supply. Some of the company’s clients include Dassault Aviation, Siemens Gamesa, MerConcept, Hexcel and Tarmac Aerosave.
The company claims its product — Fairmat Quest, which produces 3.8 lbs of CO2e per kilogram of material produced — is one of the most effective and sustainable materials for the circular economy.
What You Need To Know About The Investor
CNP pursues the creation of both young and old company projects with family backing.
CNP’s goal is to support champions of sustainable growth, which leads them to choose Fairmat’s breakthrough technology and new materials as a game-changer at large scale. The team’s material research science led to faster development and greater capital efficiency, says Benoit Robertz, CNP’s partner.
Fairmat’s mission to reduce inequality and promote sustainable development has a significant impact on the company’s success, stated Noe Gersanois, co-head of Raise Sherpas. They believe this is because of their investment in Fairmat.