The Venture Codex

Led · Series A · Nov 2022

Fairmat processes end-of-life carbon fiber composite scrap and converts it into a new material, Fairmat Quest, positioned as up to ten times cheaper than new composites and about twice as light as aluminum. The company sources waste through partnerships with 15 industrial firms—including Hexcel, Tarmac Aerosave, Siemens Gamesa, Dassault Aviation and MerConcept—that together represent more than 35% of Europe’s carbon fiber composite waste. On the customer side it has 30 prototype contracts (names undisclosed) targeting sporting goods, audio products and furniture. With the new funding Fairmat plans to scale its automated sorting plant and progressively increase processing capacity; its eventual target is 100 robots processing up to 3,500 metric tons of scrap per year. The startup currently employs about 80 people and aims to grow to roughly 400 employees by 2025, and it plans U.S. expansion in 2023. Overall the company has raised $45.5 million since inception. Fairmat develops a new material made from recycled carbon fiber composite aimed at replacing plastics, wood and metal in everyday industrial parts. The company transforms existing carbon fiber composite waste with a mechanical process that avoids heating and leverages machine learning to test physical properties. Fairmat plans to sell its material to industrial clients (for example, cargo bike boxes) offering lighter weight and a better carbon footprint versus virgin materials. The startup raised $10 million (€8.6 million) in a funding round led by Singular with participation from business angels. It currently has about 15 team members and plans to expand to 30 while building partnerships with suppliers of composite waste and potential clients. Fairmat expects to begin selling its material at scale in Q2 2022 and will iterate on other material types thereafter.