Capital secured for industrial scaling
FenX has raised 8.2 million Swiss francs in a series A financing round. The cleantech start-up intends to use the funds to industrialise its sustainable and lightweight mineral foam insulation panels. Production by Turkish cement producer Çimsa is set to begin in 2025.
FenX has successfully completed a Series A financing round, raising 8.2 million Swiss francs. The round was led by the venture capital companies Supernova Invest from Paris and Move Energy from Amsterdam. Other investors included Çimsa, the Turkish cement producer and strategic partner of FenX, Zürcher Kantonalbank, the two Swiss venture capital firms 4see Ventures from Chêne-Bougeries GE and buildify.earth from Risch ZG and several family offices from Switzerland and France.
“This investment is an important milestone on our path to decarbonising the construction industry,” said FenX co-founder and CEO Etienne Jeoffroy in a press release issued by his company. “With this funding, we are ready to fully validate our technology.”
The spin-off from the Swiss Federal Institute of Technology in Zurich, which was founded in 2019, will reportedly use the fresh capital to industrialise its mineral foam technology, accelerate strategic partnerships and launch new product lines on the market. To this end, FenX is pursuing a low-capital model: customers from the building insulation industry acquire a licence for FenX technology and in return receive FenX foam additives tailored to their mineral raw materials. For production, it uses production equipment developed in collaboration with MASA WhiteHub, FenX’s German mechanical engineering partner. The licence holder is responsible for marketing the product.
Çimsa, FenX’s first customer, is currently building its first industrial production line for mineral insulation boards based on FenX technology in Spain. The plant is scheduled to start operations at the end of 2025. “The low-capital business model gives the company a unique advantage for rapid scaling,” said Investment Director Marine Glon from Supernova Invest.