Avolta has acted as the sole financial advisor to BeFC on its €16m Series A round, led by Otium Capital, followed by a strong continued commitment from historical investors Demeter, BNP Paribas Développement and Supernova Invest.
Founded in 2020 in Grenoble, BeFC invented ecological biofuel cells that are paper-based, ultra-thin, and flexible, from a core, disruptive technology (+30 patents) that revolves around the use of biocatalysts to convert glucose and oxygen into electricity. In addition, BeFC develops an active electronic sensor tag capable of collecting a range of sensor measurements (temperature, humidity, etc.) and transmitting the data wirelessly using different protocols, such as Lora and Sigfox.
BeFC products and services offer data opportunities without the downsides of a polluting battery, with the aim of securing supply chains, optimizing workload, and improving safety. To date, BeFC has signed more than 10 Joint Development Agreement (JDAs) with leading customers across various industries (logistics, health, packaging…).
This fundraising will enable BeFC to pursue its growth trajectory towards mass production and deliver its mission of low-cost and low-environmental-impact electronics. As a matter of fact, the established team of 45 will use its resources both to deploy internationally, including to North America and Asia, and transition to high throughput printing technologies with the objective to reach a production capacity of 1 million units per day by the end of 2024.
This deal consolidates Avolta’s leadership in sustainability-related businesses’ transactions, having recently advised Woodoo on its first fundraising led by Lowercarbon Capital, Invers on its Series A led by IDIA Capital Investissement and Agri Impact (Citizen Capital), Jungle on its Series A led by Demeter and Founders Future, Weenat on its Series A led by IDIA Capital Investissement, Qarnot on its Series B with A/O Proptech and Casino, and Cityscoot on its Series B and C with Allianz, Demeter, LeasePlan, RATP, among many others.