Warsaw-based sustainability startup EcoBean has secured a €7 million investment round as a result of qualifying for the European Funds for a Modern Economy (FENG) program, My Company Polska reports. The startup processes used coffee grounds into sustainable bio-based raw materials with a low carbon footprint.
- Founded in 2018, EcoBean is a a technology company, a startup from Warsaw University of Technology, that extends the coffee value chain and makes it more sustainable by introducing a circular economy and reducing CO2 emissions. The company’s solution is based on a spent coffee grounds collection service, which is later processed into green raw materials and products.
- The raw materials obtained after the valorization process are coffee oil, antioxidants, polylactide (PLA), lignin, and protein additives. These components are used, among others, by pharmaceutical, cosmetics, packaging, and feed industries.
- EcoBean acquired the funding after qualifying for the FENG program which supports innovation by focusing on research and development projects aimed at green transformation. Out of over 1500 applications, only 198 projects, including EcoBean, qualified. The value of the subsidy will be €7 million (PLN 31.1 million).
Before that, the company managed to raise over €2.1 million in funding from prominent investors like EIT InnoEnergy, CofounderZone, CIECH Ventures, and business angels from COBIN Angels:
- Funds obtained from the FENG program will enable the company to launch EcoBean Technology Center (ETC), an intelligent and fully sustainable demonstration line with research and development facilities. Annually, ETC will be able to process up to 1,000 tons of used coffee grounds into high-margin bio-raw materials.
- The funding will also enable the development of new technological solutions, with an emphasis on industrial production and specialized chemical applications.
