Marly, Switzerland 23 February 2021
(BEV-E) Bloom Biorenewables, a Swiss startup developing innovative biomass fractionation technologies, closed today its Seed Round of funding, resulting in a total of €3.9 million raised from dilutive and non-dilutive sources. This new investment confirms the potential of the company to act as a leader in sustainability and accelerates the market entry of itsbio-based solutions.
Bloom’s products are specifically designed to substitute unsustainable fossil-sourced carbon in materials and fuels, a crucial step inthe fight against global CO2 emissions.
The round was led by Breakthrough Energy Ventures-Europe(BEV-E). It links European Investment Bank funding guaranteed by the European Programme for Research and Innovation, Horizon 2020, with long-term risk capital in order to accelerate global decarbonisation and support clean energy innovations reaching the market -faster, more efficiently, and in more places in Europe.
Other investors in the round include Berlin-based Beyond Black Venture Capital fund and several Angel Investors, that will provide strategic support for upcoming growth. The proceeds from the Seed Round will be used by the EPFL startup forthe developmentand market validation of its first products, including marine biofuels, plastics and fragrances. In addition, Bloom will grow its team and establish anindependent R&D facility with sufficient production capacity to unlock the last barrier towards commercialization.
Dr. Remy Buser, CEO and Co-founder of Bloom says, “Plants will undoubtedly play a major role in replacing fossil resources. Our agriculture and forestry already produce large quantities of renewable carbon, but a substantial portionis discarded as waste and thereby rapidly released back into the atmosphere. Bloom knows how to store and utilize it more efficiently.”
Teresa Czerwinska, Vice-Presidentat European Investment Bank, says “Achieving significant reductions in greenhouse gas emissions requires not only political will and smart investment but also business ideas that deliver solutions for the most pressing problems. We are proud to support a company with such an idea and with the potential to become a European innovation leader for biomass chemicals. The goal of the BEV-E Fund is to identify and finance cutting-edge technologies that will help keep our planet liveable, and we are happy to partner with them.”
Sebastian Heitmann, General Partner at Beyond Black Venture Capital Fund, says “By using a groundbreaking technology, Bloom is well on track to dramatically reduce fossil fuels usage not just in the energy and transportation sector but also in our daily life products, like flavours and fragrances. This approach combined with a compelling business model fits perfectly with Beyond Black’s investment DNA. We are happy to be part of this important and innovative company.”
For more information: https://bloombiorenewables.com
Image: Team Bloom Biorenewables (c) Bloom Biorenewables