Phénix, a French startup that helps companies reduce waste, has raised €15 million in a funding round. The round was led by two BNP Paribas funds, BNP Paribas Solar Impulse Venture and BNP Paribas Social Business Impact, which contributed €10 million, with Lombard Odier investing €2 million, and Inco Ventures, Bpifrance, and ETF contributing the remaining €3 million.
Founded in 2014 by Jean Moreau and Baptiste Corval, Phénix works with companies, including large retailers, to reduce waste. The startup collects unsold items, including food, hygiene products, and office supplies, and distributes them free of charge to social grocery stores, associations, or sells them on the mobile application.
The funding will help Phénix improve its revenue by the end of 2023. The company plans to expand its services to new markets, hire new employees, and invest in technological innovation.
BNP Paribas Solar Impulse Venture is a fund that invests in companies that develop environmentally-friendly technology, while BNP Paribas Social Business Impact invests in social businesses with a positive impact. Lombard Odier is a Swiss private bank with a focus on sustainability.
Inco Ventures is a venture capital firm that invests in startups with a positive impact on society and the environment, while Bpifrance is a French public investment bank that supports French companies. ETF is an asset management company that specializes in exchange-traded funds.
Phénix's innovative approach to reducing waste has made it a leader in the circular economy. The company has already saved 100,000 tonnes of waste and created 500 jobs. With this new funding, Phénix is well-positioned to continue its growth and make a positive impact on the environment and society.