The French DeepTech Fairmat, which develops technology to recycle so-called advanced materials, recently completed a fundraising of 34 million euros. Business Cool spoke with Benjamin Saada, president and founder of Fairmat, with the aim of learning more about the startup’s projects.
Everything you need to know about Fairmat
Who are you ?
I am Benjamin Saada, president and founder of Fairmat, former miner, not of cryptocurrencies, but of the engineering school of Mines (class of 2008). The environmental cause and especially the problem of C02 emissions has always been a subject close to my heart.
An engineer by training, I co-founded a first startup with which we created the lightest airplane seat in the world. It was not the simplest way to reduce the carbon footprint of a flight, but it was certainly the most effective. This project led me to work with a composite material, carbon fiber, a very resistant material with very interesting properties, but which is reaching the end of its life cycle generating a significant energy cost. This is where the idea of Fairmat was born, to offer more ecologically responsible recycling.
What does Fairmat do?
Fairmat is a DeepTech startup that has developed technology to recycle so-called advanced materials. We start today with carbon fiber composite materials. We have a robotic mechanical recycling process and, thanks to the intelligence obtained through machine learning, we are able to create infinite combinations of characteristics of this new recycled material. We cut the composite into small bricks using our various robots which will also allow us to organize and reconstruct the material from waste.
We cannot communicate publicly about the first products made with Fairmat material, because it is our customers who must do so first. We can only tell you that we currently have contracts in the automotive, sports and leisure, and consumer electronics sectors.
As for our Recycling customers, we have signed with major partners like Hexcel, the world leader in carbon fiber, and Tarmac Aerosave, the leader in dismantling of the aeronautics sector, in order to be able to recycle their waste.
Fairmat’s fundraising
Why did you raise 34 million euros?
We will accelerate the deployment of our robotic technology on our first industrial site in Nantes and our development in new international markets, such as the United States. This involves developing our teams by integrating new talents. We are planning recruitment, whether in France or internationally, with the aim of strengthening our sales and technical teams.
The market is very demanding of solutions like ours which fit perfectly into CSR approaches. The challenge for a startup like Fairmat is to organize ourselves to meet this demand. This is why we will need new talents very soon.
Why did you choose to bring these investors into your capital?
Fairmat has chosen to bring Temasek, CNP, Pictet, Singular, The Friedkin Group International and Raise Sherpas into its capital. We are really proud to have a new group of international investors (American, Asian, Swiss and European) on board, with CNP and Temasek as co-lead managers. They will be key strategic partners for our international development.
Temasek is one of the world’s largest investors outside of Singapore, with assets under management of nearly $300 billion. They are well known for their participation in companies like Visa, PayPal, AirBnb, Alan, Tencent and many other startups like Innovafeed in France. They are also very present in CleanTech and DeepTech companies, focused on decarbonization issues. They recently announced Agriconomie (marketplace for farmers’ machines) in France or Samsara Eco in Australia, in plastic recycling.
CNP is an investment company founded by Mr. Albert Frère and controlled exclusively by the Frère family. They manage 3 billion euros of investment. Examples: Cazoo, sennder, Solarisbank, Hofy…
Pictet’s private branch has several tens of billions under management and they make 15 to 20 investments per year (e.g. Collibra, Inari, Chainalysis, cellarity, spryker, ecovadis… to name a few).
We are very proud to have included Phiture in this round. The first 100% non-profit technology investment fund launched by Raise Sherpas. Their model is simple: all income generated by their investments will be redistributed for the benefit of projects working for the common good, responding to three challenges: environmental protection, entrepreneurship for vulnerable groups and creation.
What will Fairmat look like in 5 years?
Fairmat will be a multi-local company that will stand close to its customers to build a sustainable industry, in line with environmental needs. We will be the major player in the decarbonization of industries by proposing to replace primary materials with Fairmat recycled materials in the manufacturing industry. And, I hope, one of the places prized by young talents. By then, we plan to increase our workforce from 80 to 400 people.
