In Paris, GFBiochemicals has raised €15 million ($15.8 million) in a Series A funding round and named Mathieu Flamini, company cofounder and former professional soccer player, as its CEO. The funds will help accelerate development of biobased levulinic acid.
“GFBiochemicals is tackling one of the planet’s most pressing and yet unrecognized challenges: how we make chemicals sustainable and non-harmful. Too many of our products are made with non-biodegradable, toxic chemicals, which cause environmental damage and affect people in their everyday life,” Flamini says in a press statement.
The round was led by Sofinnova Partners, with participation from Sparta Capital. Flemini says the funds will support strategic partnerships to access new sectors; increase investment in research and development to support new products; support development of GFBiochemicals’ own manufacturing facility; extend the existing large portfolio of patents owned by GFBiochemicals; and attract top talent for sales and marketing teams across the United States and Europe.
“GFBiochemicals is at an inflection point in the development of our mission,” Flamini added. “We are delighted to have the backing and trust of investors with such strong expertise and passion for technology, science and sustainability.”
Flamini, a midfielder, had stints at several clubs, including Marseille, Arsenal, and Crystal Palace.