Fairmat, a Paris-based company offering carbon fiber composite recycling solutions, has raised EUR 34 million (~USD 35 million) in a Series A funding round co-led by Temasek and CNP. Investors including Pictet Group, Singular, and The Friedkin Group International, as well as prominent business angels like Danone CEO Antoine de Saint-Affrique and CEOs/founders of successful tech startups also joined in this round.

The funds will be used to accelerate the improvement of the company’s recycling capabilities by boosting the new automated sorting plant, able to accommodate over a hundred robots and a capacity of 3,500 metric tons of scrap per year. The funds will also be utilized for global expansion with plans to enter the US market in 2023 followed by Spain and Germany and grow its global team from 80 (in 2022) to 400 people by 2025. The company also intends to widen its scope to sectors as large as consumer electronic goods, mobility, sports, and leisure, leveraging its Materials business unit, with the support of these funds.

Founded in 2020, Fairmat is a deep-tech startup that provides recycling solutions to a range of Carbon fiber reinforced plastics (CFRP) products using advanced technologies, such as Artificial Intelligence, Robotics, Finite Element Analysis, Machine Vision, etc., that have enabled innovative process of transforming waste into chips, preserving 100% of the mechanical properties with no degradation of the material. As of November 2022, the company has been able to secure more than 35% of European scrap supply with a total funding of EUR 44 million (~USD 45 million) after a seed round in September 2021.