This week’s review of the best sustainable startup deals of November 21 includes rounds for over $80M combined. In the spotlight this week we have French startup Fairmat. The carbon fiber composite recycling startup raised over $35M to expand outside Europe after becoming a leader in this sector.
Other significant deals of this week included two startups working in the biotechnology sector: Cradle and Turbine, one in the agritech sector, and an Asian EV motorbike maker. Let’s check together who they are and what they are working on.
Sustainable Startup deals – November 21
Monday – Fairmat
On Monday, French startup Fairmat announced it raised $35M in its series A round. The company turns old carbon fiber composite into a new material. Temasek and CNP led this round. Other notable investors include Pictet Group, Singular, and the Friedkin Group.
Carbon fiber composite is a very expensive material. To recycle them Fairmat has created the Fairmat Quest. It is a brand-new material that is ten times less expensive than carbon composites to produce, while still remaining super light. It can then be used for many purposes.
Fairmat, which has already closed several deals with companies that represent more than 35% of the carbon fiber waste in Europe, will now look to expand to other markets like the US.
Tuesday – Cradle
Cradle, a biotech startup from the Netherlands raised $5.4 million this week. This was part of their seed round. The startup has launched an AI platform that has a huge impact on bio research work.
Cradle enables biologists to design improved proteins in record time using powerful prediction algorithms and AI design suggestions. The Cradle platform allows for a collaborative approach that could save scientists time and allow them to focus more on the outcome of their research.
Furthermore, the Cradle platform only suggests what part of the genetic code needs to be altered for research purposes. It does not share other research content, and any scientists even those without AI or machine learning background can use it.
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Wednesday – Turbine
UK startup Turbine raised $20M this week. The round was led by the Merck investment fund along with Mercia’s North Venture Capital Trust funds. Other investors in the round include Day One Capital, Accel, Delin Ventures, and XTX Ventures.
The startup is a spin-out of the University of Budapest. The research facility is still in Hungary, while the company has moved to the UK. Turbine has created a cell simulator that could predict treatment outcomes.
Turbine simulates tumor cell behavior in patients to understand the complex mechanisms driving the disease. Simulations can reveal the right modality and combination approach to treat even the most resistant cancers.
Thursday – Volta Greentech
Volta Greentech raised $2M this week. The Swedish startup has developed a supplement that if added to cows’ feed could reduce their methane emissions by up to 80%. Investors in this round included Novax, Konsumentföreningen Stockholm, and Swedish food company Proto.
Volta’s supplement has been already used over the summer. As we have seen before, cattle emissions account for a large part of agriculture global emissions. Seaweed-based supplements seem like a potential solution to this problem.
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Friday – Dat Bike
The last startup from this week is the Vietnamese electric motorbike company Dat Bike. The startup raised $8M. Investors in this round included Jungle Ventures, GSR Ventures, Innoven Capital, Wavemaker Partners, and Delivery Hero Ventures. The fund will be used to scale up production.
After solving the range problems of the previous models Dat Bike is looking very strong. Now its bike has a range of over 300km and with fast charging, it could reach up to 100km with just a twenty minutes charge.
The company’s sales have been growing exponentially in the last twelve months. The future for this company trying to decarbonize two-wheel transport in southeast Asia looks very bright indeed – good for the company, good for the planet.
Editor’s Note: The opinions expressed here by Impakter.com columnists are their own, not those of Impakter.com –In the Featured Photo: A plane wing, made in large part of carbon fiber composite like those recycled by Fairmat. Photo credit: Unsplash.