🌍Newsletter - January 2025

Welcome to the 13th edition of the AFI Ventures’ newsletter.

As a reminder, AFI Ventures (fund managed by Ventech) is an impact VC fund that invests in pre-seed/seed startups with a strong environmental and social ambition, producing a systemic change. We invest once a month in France & Europe tickets ranging from €250K to €500K.

Each month in this newsletter, you'll find a summary of 2 articles on the impact ecosystem that have caught our attention, fundraisings realised by impact startups in France, and news from our portfolio. 💚

👀 What Caught our Eye

Recycling Windows: Recyfe’s Sustainable Vision

by Pierre Fortin

Founded in 2021, Recyfe is tackling the enormous waste generated by discarded windows in France, which amounts to 200,000-300,000 tons annually—the equivalent of 20 Eiffel Towers. This pioneering initiative, led by three social enterprises from Eastern France, aims to transform how end-of-life windows are managed, aligning with France’s new environmental laws.

Recycling Windows, One Pane at a Time

Recyfe’s process for recycling windows is meticulous but effective:

• Manual Dismantling: Windows are disassembled by hand to separate glass from wood, PVC, or aluminum. The glass is broken manually to ensure the quality of the resulting cullet (glass fragments).

• Material Reuse: Glass is sent to Saint-Gobain for remanufacturing, PVC is recycled into new windows, while wood is primarily used for heating or particle boards.

This manual approach, although less automated, ensures high material quality and safety.

Building a Collection Network

To capture used windows efficiently, Recyfe created a national network:

• 26 Treatment Sites: Collaborating with 23 social enterprises, Recyfe covers a wide area for collection.

• 259 Drop-Off Points: Artisans and contractors can deposit old windows at designated sites or collection points such as Point.P stores.

• Producer Responsibility: Recyfe works with eco-organisms like Valobat to ensure free collection for larger volumes, funded by eco-taxes.

Scaling Impact

Since its inception, Recyfe has treated 10,000 tons of windows, with ambitions to scale to 40,000 tons annually within three years. Currently, the company processes 7,000 tons per year, avoiding 1,680 tons of CO2 emissions through glass recycling alone.

The startup employs 20 individuals in job reintegration programs and has formed a key partnership with Saint-Gobain, which now holds a 20% stake in the company.

A Circular Future for Windows

Recyfe is not just recycling; it’s paving the way for a circular economy in construction materials. By capturing 20% of France’s discarded window stream, the company aims to make a lasting environmental and social impact while achieving profitability. A window into a greener, more sustainable future.

Nine People Who Mattered in Climate Tech in 2024

by Mimi Billing

2024 was a whirlwind year for Europe’s climate tech ecosystem, with €16bn raised in equity and debt financing. Despite this influx of capital, some big players like Northvolt, Lilium, and Arrival failed to weather the storm, highlighting both the potential and volatility of the sector. Here are nine people who made their mark on climate tech this year.

The Money Masters

1. Nadia Calviño, President of the EIB
   As head of Europe’s largest lender to startups, Calviño scaled the European Investment Bank’s clean investment pledge to €45bn by 2027, aligning with the EU’s Net Zero Industry Act and cementing debt financing as a backbone for scaling climate tech.

2. Katherine Morgan, Barclays Bank
   Morgan oversees Barclays’ high-growth division, making it Europe’s third-largest startup lender. With a focus on infrastructure and first-of-a-kind factories, she has been instrumental in channeling private funding into critical projects.

3. Niklas Adalberth, Founder of Norrsken Foundation
   Known for his behind-the-scenes impact, Adalberth’s Norrsken VC wrote the most climate tech cheques in Europe this year, closing a €320m fund in May to back startups driving meaningful change.

The Disruptors

4. Benoit Lemaignan, Cofounder of Verkor
   After Northvolt’s downfall, Verkor rose to prominence as Europe’s leading battery startup, securing €1.3bn for its gigafactory in France and partnering with Renault for EV battery production.

5. Katja Grothe-Eberhardt, Mads Emil Dalsgaard, and Simon Bager, Klimate
   Klimate’s founders scaled Europe’s fastest-growing climate tech startup with a 645% CAGR, delivering carbon removal credits and proving that scaling is possible with limited resources.

6. Harald Mix, Cofounder of Vargas
   Mix’s ventures extend far beyond Northvolt’s bankruptcy. From green steel scaleup Stegra’s €4.5bn raise to low-carbon aluminum projects, his vision continues to shape Europe’s decarbonization efforts.

The Departing Voice

7. Peter Carlsson, Former CEO of Northvolt
   Carlsson stepped down after Northvolt’s bankruptcy, closing a chapter of audacious vision and $13bn raised. His legacy inspires startups to dream big, even as it highlights the sector’s challenges.

The Outsiders

8. Robin Zeng, Founder of CATL
   Leading the world’s largest EV battery producer, Zeng expanded CATL’s European footprint with factories in Germany and Hungary, along with a joint venture in Spain, shaking up the European market.

9. Elon Musk, CEO of Tesla
   Musk’s influence remains polarizing. While he backed Trump’s re-election, Tesla thrived under the Inflation Reduction Act, shaping the dynamics for European startups scaling to the US.

Looking Ahead

From financiers driving innovation to disruptors reshaping industries, these nine figures defined climate tech in 2024. Amid the turbulence, they laid the groundwork for a more resilient and impactful ecosystem.

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🍃 AFI Ventures - Main Highlights

AFI Ventures’ Public Investments in December

• No public investments were made by AFI Ventures in December.

Recent News from our Portfolio

• vorteX-io has been recognized by the European InnoBuyer program for its “Sustainable Water Monitoring in Changing Riverbeds” project, developed with the Syndicat Mixte de la Têt Bassin Versant, to measure river flow in real time and promote sustainable water management - link

• Bohr Energie has partnered with Enogrid to become the first aggregator in France to offer a dedicated service for collective self-consumption, combining financial performance monitoring and revenue optimization - link

• Bon Vivant obtains self-affirmed GRAS status for its recombinant whey protein and notifies the FDA, paving the way for broader U.S. commercialization in 2025 - link

• Revcoo deploys its CarbonCloud capture pilot at a lime kiln, marking a major milestone in CO₂ capture. The system will collect and condition 2 tons of CO₂ per day - link

• Dift partners with BNP Paribas to enable investors to convert part of their investments into donations for social and environmental causes - link

• Estuaire partners with SkyAlps to enhance sustainable aviation - link

• Highcast graduates from the Agoranov incubator- link

• ClimeFi facilitates Boston Consulting Group (BCG)'s purchase of 50,000+ tonnes of certified carbon dioxide removals (CDRs) - link

• Kompozite selected as a laureate in the 2023-2024 State Innovation Competition under France 2030 - link

• Sirona launches Project Jacaranda in Kenya to scale its Direct Air Capture technology - link

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💰 Early-Stage Impact Rounds in France

• Aisprid (€10m / BPI France, Demeter Partners, Go Capital, Innovacom, UI Investissement) develops autonomous robots for greenhouse agriculture, addressing labor shortages with its patented tomato plant de-leafing robot.

• Deeplife (€9.5M / YZR Capital, Relyens, Beiersdorf Venture Capital, Prunay Group) provides a digital twin solution for cells to advance medical research.

• MOVE-UP (€8M / Impact Expansion) develops data-driven personalized remote care for post-acute outpatients.

• Syroco (€7.5M / Alter Equity, Seventure Partners, Business Angels) provides solutions for optimizing the energy efficiency of commercial ships.

• Omnidoc (€6M / Alven, Kurma Partners, Newfund) provides tele-expertise medical solutions.

• Biolevate (€6M / EQT Ventures) combines AI and healthcare to improve care management.

• Ers - Ecosystem Restoration Standard (€5M / AENU, noa) focuses on solutions for ecosystem restoration.

• Leakmited (€5M / Starquest Capital, Banque des Territoires) specializes in intelligent water network management, utilizing artificial intelligence to detect and prevent leaks.

• Kapsera (€4.2M / The Yield Lab Europe, Demeter Investment) produces biodegradable capsules for sustainable agriculture.

• Mycophyto (€4M / Tilia Impact Ventures, Climate Club, Better Angles, Leia Capital, business angels) provides an application for tracking the use of agricultural products.

• Rman Sync (€2.3M / CEN Capital, Normandie Participations) offers a deep learning-based platform to optimize supply chain logistics.

• Pess Energy (€2.2M / Rise Partners, CAAP, Région Sud Investissement, ) provides innovative battery solutions for the renewable sector.

• Cosima (€2M / Blast Club) offers shared housing solutions for seniors experiencing loss of autonomy, providing an alternative to traditional nursing homes.

• Aéronde (€1.7M / Crowdfunding) develops an eco-friendly airship designed for aerial work, agriculture, and events.

• Agri Lab Leverage (€1.6M / Foodara, business angels) develops agronomic solutions based on biotech research to enhance agricultural yields.

• Darwin (€1.5M / Asterion, business angels) AI solutions to protect biodiversity.

• Enogrid (€1.4M / Schneider Electric Energy Access, ENGIE Rassembleurs d'Énergies, crowdfunding) provides digital tools and personalized support to promote local energy transitions.

• Skyvisor (€1.2M / Tomcat, BPI) offers a predictive maintenance platform for wind turbines and energy equipment.

• Immoblade (€550K / business angles) develops solar protection solutions integrated into window glazing toenhance energy efficiency in buildings .

• AuraLIP (€550K / business angels) develops sustainable plant-based meat substitutes.

• Halias Technologies (€475K / CoopVenture, Rhône Dauphine Développement) offers a software for collecting and analyzing environmental data.

• Rewake (€400K / business angels) specializes in reconditioning laboratory equipment.

🤝 Our Team

• Charles Fourault - charles@afi.ventures

• Constantin de Chaudenay - constantin@afi.ventures

• Sarah Laznowski - sarah@afi.ventures

• Romain Garrigue - romain@afi.ventures

Don't hesitate to reach out if you're an impact entrepreneur or just interested in any of these topics. 🍃