France-based BeFC, a company that invented ecological biofuel cells that are paper-based, ultra-thin, and flexible, announced on Thursday, June 8, that it has raised €16M in a Series A round of funding.
The round was supported by Avolta Partners as the sole financial advisor. Otium Capital was the new lead investor in this round, and was supported by existing investors Demeter, BNP Paribas Développement, and Supernova Invest.
Pierre Menard, Partner at Otium Capital, says, “BeFC’s revolutionary innovation is poised to address the challenges of single-use batteries. The remarkable achievements of the team to date align perfectly with our DNA to support visionary entrepreneurs driving transformative change.”
“This investment further highlights our deep interest in high-potential industrial projects, a thesis we initiated last year, with already over €40M committed,” says Menard.