BeFC, a French company that develops sustainable paper-based biofuel cells and ecofriendly microelectronics, has secured €16M in Series A funding led by Otium Capital.
The company plans to use the new capital to grow its customer base and enter new markets in North America and Asia.
BeFC was founded in 2020 by Dr. Jules Hammond, who is the CEO of the company. The company’s core technology is based on using biocatalysts to convert natural biofuels, such as glucose and oxygen, into electricity. The biofuel cells are paper-based, ultra-thin, and flexible, and can be activated with environmental or biological fluids, such as sweat, blood, and urine. BeFC claims that its products and services can facilitate the implementation of a digital interface using an active sensing platform for various applications, such as securing supply chains, optimising workload, and improving safety.
The company has already signed more than 10 joint development agreements with various market segment leaders, including Fortune 500, FTSE 100, and Nasdaq-listed companies. BeFC aims to become a global leader in ecological biofuel cell technology and ecofriendly microelectronics.
Otium Capital, the new lead investor in the Series A round, is a Paris-based investment firm that focuses on consumer and technology sectors. The firm has previously invested in companies such as BlaBlaCar, Meero, Back Market, and Brut. Otium Capital was joined by existing investors Demeter, BNP Paribas Développement and Supernova Invest in the Series A round.
“We are very impressed by BeFC’s vision and technology, which have the potential to revolutionise the field of biofuel cells and microelectronics. We are excited to support BeFC in its next phase of growth and international expansion,” said Pierre-Edouard Stérin, founder and CEO of Otium Capital.
Dr. Jules Hammond, CEO of BeFC, said: “We are delighted to have Otium Capital as our new lead investor, as well as the continued support from our existing investors. This Series A funding will enable us to accelerate our customer engagement and target new market segments within our scope of performance and long-term interest. We are also looking forward to expanding our team with experienced industry innovators who share our passion for ecological biofuel cell technology and ecofriendly microelectronics.”