FAIRMAT Announces €34 Million Series A Funding Round to Make Recycling of Advanced Materials Easier and More Sustainable Through Robotic Technologies
ParisFairmat, a sustainability-based deep tech startup, has completed a €34m Series A funding round, co-led by Temasek and CNP, with participation from Pictet Group, Singular, The Friedkin Group International and other partners.
With this investment, Fairmat aims to become a key player in the circular economy, making a technological evolutionary leap in the recycling of advanced materials.
The company’s plans for the funds include accelerating the deployment of its robotic industrial capabilities to recycle carbon fiber composites, international expansion and entering new vertical markets with its sustainability solutions.
PARIS, November 21, 2022 /PRNewswire/ — Fairmatthe ParisThe sustainable deep tech start-up and pioneer in the recycling of advanced materials, announced today that it has completed its Series A funding round for a total of €34 million, one of the largest rounds ever. Series A for a deep tech startup in both France and Europe as a whole this year.
This oversubscribed financing transaction was co-led by Singapore investment company, Temasek and the Belgian group Compagnie Nationale à Valeur (NOC/Groupe Frère), and with the participation of a group of investors, including an original seed financing venture capital Singularwealth and asset managers based in Switzerland, Pictet Groupand The Friedkin International Groupthe London-the investment arm of an American consortium of automotive, hospitality, entertainment, sports and adventure companies. Prominent business angels like the CEO of Danone, Antoine de Saint-Affrique, other CEOs and founders of successful technology startups also joined this round.
“Recycling advanced materials like carbon fiber composite is one of the strongest actions we can take to accelerate the decarbonization of manufacturing,” said Ben Saada, CEO of Fairmat. “Today, we are thrilled to see our vision for a new generation of materials come to life as we ramp up our production and expand our international development.“
In the two years since its creation, FAIRMAT has made remarkable progress: securing more than 35% of Europe’s scrap metal supply, commercial interest in its products, opening its first factory and building a team to match its aspirations.
The company will use the funds to accelerate the deployment of its robotic industrial capabilities, including the ramp-up of its newly inaugurated automated sorting plant, which will house more than 100 robots and will be able to process up to 3,500 metric tons. of scrap per year. In addition, the company will expand internationally into new markets, starting with United States in 2023 and Spain, Germany, a little after. As part of this expansion, Fairmat will also grow its global team from 80 in 2022 to 400 by 2025, seeking to recruit top talent in robotics and data science.
Entering new verticals is also part of the plan, as Fairmat seeks to leverage its Materials business unit for greater sustainability impact in sectors as broad as consumer electronics, mobility, sports and recreation.
Fairmat’s solution is consistent with current environmental priorities (life cycle analysis achievements, ESG roadmap and certification targets). This investment will help ensure that the deep tech startup becomes a key technology player in Europe circular economy landscape – and beyond.
In line with the principle of equity that Fairmat has placed at the heart of its mission, the company has also chosen to receive participation from Phiture: the first 100% non-profit technology investment fund launched by Raising Sherpas. At the heart of its model, all the income generated will be redistributed for the benefit of projects working for the common good, responding to three challenges: environmental protection, entrepreneurship for vulnerable groups and job creation. “We are convinced that through our investment in Fairmat, the company and the success of its mission will play a vital role in reducing inequalities and promoting sustainable development,“said Noé Gersanois, co-manager of Raise Sherpas.
The new investment brings FAIRMAT’s total funding to date to €44 million after a funding round in September last year.
“Fairmat developed its breakthrough technology and new materials quickly and with greater capital efficiency thanks to the team’s immense ingenuity in robotics and materials research science. Their approach is a fundamental game-changer on a large scale and aligns with CNP’s ambition to support champions of sustainable growth,” said Benoit Robertzassociated with CNP.
“This investment is a clear sign of investor confidence in the growing need for decarbonization solutions, and we believe Fairmat is well positioned to become a global leader in the technology transition to a more sustainable approach to manufacturing. The company’s outstanding team demonstrated how so-called cutting-edge technology bottlenecks can be overcome at record speed,” said Raffi Kamberco-founder of Singular.
“The use cases for carbon fiber composite in the automotive industry are numerous. Fairmat will fill a gap in the supply chain of sustainably produced advanced materials. We want be part of this journey and help Fairmat grow in the UNITED STATES.” said Danny FriedkinDirector of the Friedkin Group International.
Founded in 2020 by Benjamin Saada, FAIRMAT is a French deep tech company aiming to revolutionize the recycling of carbon fiber composites. FAIRMAT creates a more sustainable future for composites and manufacturing through a virtuous recycling process through its disruptive technology. With 3.8kg of CO2e per kilo of material produced, Fairmat Quest, our core product, is one of the highest performing and sustainable materials available for the circular economy.
More information on www.fairmat.tech
CNP is an investment company founded by Mr. Albert Frère and controlled exclusively by the Frère family. CNP invests its permanent capital for the control or co-control of European industry leaders and acts as an active partner to stimulate the creation of sustainable value alongside the founders, the management and the families with which it associates . CNP manages net assets of approximately 3 billion euros.
For more information on CNP, please visit www.cnp.be
About the Pictet Group
Pictet is a partnership of eight owner-managers. The Group’s principles of succession and transfer of ownership have remained unchanged since its creation in 1805. It exclusively offers wealth management, asset management, alternative investments and other wealth services. The Group does not engage in investment banking and does not provide commercial loans. With €613 billion ($600 billion / CHF 591 billion / £538 billion) in assets under management or in custody at September 30, 2022Pictet is today one of the leaders Europeindependent wealth and asset managers.
The Group is headquartered in Geneva, where its activities began, and employs more than 5,000 people. With 30 offices, it is also present in: amsterdam, Barcelona, Basel, Brussels, dubai, Frankfurt, Geneva, hong kongLausanne, London, Luxemburg, Madrid, Milano, monaco, Montreal, Munich, Nassau, NY, Osaka, Paris, Rome, Singapore, Shanghai, stuttgart, taipei, Tel Aviv, Tokyo, TorinoVerona and Zürich.
About RAISE Sherpa
RAISE Sherpas is the 1st philanthropic acceleration program dedicated to startups from Seed to Series B. We have supported and financed more than 450 companies since 2015 and recently launched Phiture (www.raise-sherpas.co), the leading non-profit technology investment fund. RAISE Sherpas is part of RAISE Group which is based on a financing mechanism combining profitability and generosity since the investment teams donate 50% of their profit-sharing to finance us. This pioneering mechanism in France allows the creation of a virtuous ecosystem, associating large groups and institutional shareholders, ETIs and start-ups. RAISE Sherpas has a budget of €60m and a team of 10 people entirely dedicated to startups.
About the singular
Singular is a European venture capital firm that partners with remarkable founders building transformative businesses. We take a highly collaborative approach and are committed to delivering tangible value to them, from their earliest moments through all stages of their growth. We help the most innovative entrepreneurs realize their potential, working side by side to create the conditions for global success.
Temasek is an investment company with a net portfolio value of 403 billion Singapore dollars (€268bn) at March 31, 2022. Based at Singapore, we have 12 offices in 8 countries around the world. Our purpose “For every generation to prosper” guides us to make a difference for the generations of today and tomorrow. Our Temasek Charter defines our three roles as an investor, institution and steward, and shapes our philosophy to do well, do well and do good. Sustainability is at the heart of everything we do. We are committed to catalyzing solutions to global challenges and activating capital – financial, human, social and natural – to create a better and more inclusive world for all. For more information about Temasek, please visit www.temasek.com.sg
About the Friedkin International Group
The Friedkin Group International (TFGI) is the partnership-led investment arm of the Friedkin Group. We combine international talent with US markets and take a value-added approach with our portfolio companies. The Friedkin Group is a private consortium of automotive, hospitality, entertainment, sports and adventure companies. These organizations include: Gulf States Toyota, GSFSGroup, US AutoLogistics, Ascent Automotive Group, Auberge Resorts Collection, AS Roma, Imperative Entertainment, 30WEST, NEON, Diamond Creek Golf Club, Congaree and Legendary Expeditions. The Friedkin Group is headed by the Chairman and CEO Dan Friedkin. The TFGI team is based in London. For more information, visit https://www.friedkin.com/the-friedkin-group-international
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