Paris-based Fairmat, a deep tech startup that aims to recycle advanced materials such as carbon fiber-based composites, announced 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.
The French company will use the funds to accelerate the deployment of its robotized 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.
Founded in 2020 by Benjamin Saada, Fairmat recycles advanced materials like carbon fiber 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 percent 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.
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