- The round is led by Sofinnova Partners with the support of Sparta Capital
- Co-founder and environmental entrepreneur, Mathieu Flamini, appointed CEO to accelerate the transition towards safer and more sustainable everyday products
PARIS, FRANCE / ACCESSWIRE / May 5, 2022 / GFBiochemicals, a leading sustainable chemical company, today announced a €15 million Series A funding round led by Sofinnova Partners, with participation from Sparta Capital. At a time when the chemical crisis has already passed the safe limit for human health and the environment, the round will accelerate GFBiochemicals' mission to end chemical pollution. The company aims to help fast moving consumer goods (FMCG) and industrial companies transition away from using toxic, environmentally harmful petrochemicals in everyday products.
The European Union this year announced its roadmap to prohibit up to 12,000 chemicals that are damaging the planet and harmful to human health. In complete support of this endeavour, GFBiochemicals provides its customers with safe, sustainable solvents and ingredients derived from the biobased levulinic molecule. This molecule has been identified by the U.S. Department of Energy as one of the 12 molecules that can help unlock a "greener" world.
"GFBiochemicals is tackling one of the planet's most pressing and yet unrecognised challenges: how we make chemicals sustainable and non-harmful. Too many of our products are made with non-biodegradable, toxic chemicals, which cause environmental damage and affect people in their everyday life," said Mathieu Flamini, co-founder and newly appointed CEO of GFBiochemicals. "Today's most successful and sustainable companies across all industries provide solutions which not only protect the environment but also deliver the best product. We believe you cannot compromise on the planet and you should not compromise on performance. We hope to inspire and support others to accelerate their transition to green chemistry."
GFBiochemicals has spent the last decade perfecting its technology, product and certification. Now, as global momentum from business, governments and consumers for safer, more sustainable products increases, the company is entering a new phase of commercialisation, led by Mr. Flamini. The funding will be used to:
- Build strategic partnerships to access new sectors
- Increase investment in research and development to support new products
- Support the development of GFBiochemicals' own manufacturing facility
- Extend the existing large portfolio of patents owned by GFBiochemicals
- Attract top talent for sales and marketing teams across the United States and Europe
"There is a huge opportunity to transform the legacy chemicals industry and shift society away from its reliance on petrochemicals," said Guillaume Baxter, Principal in the Industrial Biotech team at Sofinnova Partners. "Mathieu's team is at the start of an exciting new journey. With a great technological foundation and growing commercial traction, we're convinced they have what it takes to succeed."
"Our current use of chemicals is not sustainable. The problem is so urgent that it is now a UN Sustainable Development goal to reduce deaths and illness from hazardous chemicals," said Guillaume Sarlat, Head of Sustainability Investment at Sparta Capital. "We are backing Mathieu and his team because they have found a transformational alternative to address this problem. GFBiochemicals' innovative business approach is better for the planet and human health."
"GFBiochemicals is at an inflection point in the development of our mission," Mr. Flamini added. "We are delighted to have the backing and trust of investors with such strong expertise and passion for technology, science and sustainability."
Headquartered in Paris, GFBiochemicals is a leading sustainable chemical company with a mission to end chemical pollution. We provide the companies who make our everyday products with safe, sustainable solvents and ingredients derived from the biobased levulinic molecule. This has three benefits: it ensures that everyday products are biodegradable, non-harmful and carbon friendly. GFBiochemicals has offices and R&D facilities in the Netherlands and the United States, operations in India, and over 200 active patents across 40 patent families. Through our Joint Venture, NXTLEVVEL, we leverage our proprietary technology to enable commercial-scale manufacturing of our product. For more information, please visit: http://www.gfbiochemicals.com/company/.
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