The fresh funding will allow the French startup Woodoo to expand its biotech solution that repurposes dead wood into new advanced sustainable materials across many sectors
Woodoo, a French biotechnology startup, has first raised external funding for its projects that turn low-grade disposable wood into high-tech emissions-free alternatives to materials like glass, leather, concrete, and even steel.
The $31 million funding round was led by Lowercarbon Capital with participation from Purple Ventures and One Creation. Around two-thirds of the new funding is formed of equity, with the addition of non-dilutive capital in the form of grants and venture debt.
Not only does the production of innovative materials require less carbon, but also they have superior performance and stylish looks. Therefore, since 2017 Woodoo didn’t require external financing, relying on its own cash flows, a string of grants and awards, and financing directly from clients.
Having shown the viability of its biotech product, Woodoo has now attracted the attention and funding from VCs, aiming to accelerate the business. Its modified wood products now have 26 granted patents, with 24 pending.
How Woodoo works
Labelled as “augmented wood”, the new biomaterials created by Woodoo use a scaffold of cellulose and hemicellulose from fast-growing, low-grade or even diseased wood with bio-based fillers, taken from a range of sources e.g. agricultural waste.
The mix enables the company to create “rot-proof, ultra-strong, but light-weight material that retains the beauty of the natural wood but has a far wider range of applications.”
Currently, Woodoo has already established partnerships with global brands in the fashion luxury (LVMH), automotive (Volkswagen Group), and construction (Garnica) industries.
The products Woodoo offers come in three forms:
- SLIM: see-through recyclable wood that can replace glass in touchscreen interactive displays on car dashboards or digital wooden displays.
- FLOW: animal-free replacement for leather.
- SOLID: lightweight but strong replacement for steel and aluminium in construction.
We have previously reported that TreeCard raised fresh funding to offer wooden debit card to US customers.