- AFYREN completed a €21M fundraising round led by Sofinnova Partners and Valquest Partners.
- The total €60M financing package will fund the design and development of AFYREN's first plant.
- AFYREN's technology produces organic acids from agro-industry products without competing with food production.
- The organic acids target high-quality markets like cosmetics, flavors, fragrances, and nutrition.
Investment and Financing
AFYREN has secured a €21 million fundraising round led by Sofinnova Partners and Valquest Partners, with additional support from Supernova, Crédit Agricole Création, and Crédit Agricole Centre France. This brings the total financing package to €60 million, which will be used to fund the design and development of AFYREN's first industrial plant.
Technological Advancements
AFYREN's proprietary technology enables the production of organic building blocks, previously derived almost exclusively from petroleum products, using various agro-industry products. This process does not compete with the food production chain and generates no waste. The technology transforms different types of biomass into seven distinct organic acids.
Market Applications
Due to the high purity levels and natural characteristics of these organic acids, AFYREN can target markets that demand stringent quality standards. These markets include cosmetics, flavors and fragrances, human and animal nutrition, and fine chemicals.
Environmental and Economic Impact
AFYREN's technology is designed to combine ecological benefits with economic performance. It aims to provide a superior environmental profile, particularly in reducing CO2 emissions, while remaining competitive. This allows industrial customers to replace petroleum-based products with natural alternatives.
Investor Confidence
Michael Krel, Principal at Sofinnova Partners, expressed confidence in AFYREN's achievements and the potential of their technology. The financing will provide the necessary resources to industrialize AFYREN's technology, aligning with Sofinnova's goal of supporting sustainable economic solutions.
