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ETF Digest

Phenix raises €15 million to end food waste and promote a sustainable growth model


20 September 2022

Hugely excited to share that our portfolio company Phenix has raised €15 million to end food waste and promote a sustainable growth model!

The French scale-up founded in 2014 has closed a new funding round! The new investment will enable the company to solidify its leadership position in Europe and expand its network of partners across supermarkets, wholesalers and food producers.

Speaking about the funding round, our Partner Fabrice Bienfait said:

Since our investment in 2018 alongside Bpifrance, Phenix has kept innovating to help retailers reduce food waste and has delivered significant growth. We are very pleased to see impact investors such as BNP Paribas Solar Impulse and Lombard Oddier Sustainable Investments joining in this financing round.

A huge congratulations to Jean Moreau and the entire team at Phenix. We’re excited to be supporting them on this next leg of their journey!

Read more on Les Echos or below!

The French scale-up founded in 2014, part of the Tech For Good movement, has closed a new funding round of €15 million.
Phenix will strengthen its leadership position in Europe and expand its network of partners across supermarkets, industrialists, wholesalers and food producers.

According to the FAO, One third of the world’s food is lost or wasted along the food chain, representing a total amount of 1.3 billion tons per year. In 2014, Phenix was founded by Jean Moreau and Baptiste Corval, two French entrepreneurs, with the aim of putting an end to this social, environmental and economic disaster. To carry out this mission, Phenix has developed five proprietary tech solutions and already saved more than 200 million meals from the bin. With this new round of financing, Phenix intends to strengthen its leadership position in Europe and aims to become the essential partner for supermarkets, industrialists, wholesalers and food producers who are yearning for putting the fight against food-waste at the heart of their strategy.

15 million euros for greater social and environmental impact

Phenix welcomes three new climate tech investors: the BNP Paribas Solar Impulse Venture Fund, which invests in startups acting for the ecological transition, BNP Paribas Asset Management through a fund dedicated to the social and solidarity economy, and Lombard Odier Sustainable Investments, through their “Circular, Lean, Inclusive and Clean economy” fund. Phenix has also been able to count on the renewed support of its historical shareholders who confirm their confidence in the management team by also participating in this new round: INCO Ventures, ETF Partners, BPI EcoTechnologies and Danone Manifesto Ventures.

This new round confirms the economic attractiveness of Phenix for investors who want to put impact at the heart of their investments.

“The implementation of solutions to promote the circular economy and the fight against waste have become major ecological and societal challenges. At a time when more than 30% of the world’s food is thrown away and when responsible consumption and production have become essential to ensure sustainable development, Phenix has proven that its innovative technological solutions allow us to move from observation to action. By connecting supermarkets, industrialists, wholesalers, producers and food shops with associations and consumers to reach zero waste, Phenix has established itself as one of the leaders in the anti-food waste market and is recruiting more and more clients. We are thrilled to support Phenix’s talented team as they grow the company, with the goal of making zero waste the new market standard.” – Laura Wirsztel, Partner of the BNP Paribas Solar Impulse Venture fund.

Moving towards a sustainable growth model

Phenix is proud to announce this new round of financing, demonstrating the resilience of its economic model and growth potential. The objective of this funding round is to multply the social and environmental impact of Phenix in Europe, where 88 million tons of food are wasted each year, and to continue demonstrating that a new generation of committed companies is on the rise and want to change the world.

Already present in France, Spain, Portugal, Italy and Belgium, Phenix intends to strengthen its presence in these countries by proposing tech solutions to address all the value chain, from farm to fork. With this financial support, Phenix hopes to achieve the goal of 10 million downloads on its anti-food waste mobile app and save one billion meals by 2024. Phenix dreams of joining the young promising family of “impact unicorns” soon, not only based on financial valuation criterion, but also on its inherent significant extra-financial impact.

At a time when investors are looking less for hypergrowth than for a path to profitability, this round confirms the relevance and strength of Phenix’s economic model. We will build on incredible progress on our social and environmental impact while maintaining a sustainable, balanced growth model, which, in my opinion, will become the standard in the years to come” – Jean Moreau, Co-founder and President of Phenix.

About Phenix
Today, tons of daily products are wasted and yet millions of people do not have enough. To avoid throwing away what is useful to others, Phenix is an impact start-up that develops TechForGood solutions to never waste unsold products.

Founded in 2014 by Jean Moreau and Baptiste Corval, Phenix proposes efficient, human, and digital solutions that benefit everyone. In 8 years, we have built an ecosystem of solutions with all the anti-waste players: farmers, wholesalers, food manufacturers, retailers, restaurant owners, collective catering players, greengrocers, bakers, etc.
So far, with our 30,000 partners and customers, we have managed to redistribute 330,000 tons of unsold food, or 200 million meals.

And because our French touch must be exported wherever there is food waste, we have already expanded our activity in 6 countries. And it’s just the beginning!

Phenix is an ESUS (Entreprise Solidaire d’Utilité Sociale) and a B Corp company.

Agence Le soleil se lève
Eugénie Delassus – +33 6 81 41 05 36 / Arnaud de Galard – +33 6 88 79 69 98 / Phone: +33 1 77 15 83 02
[email protected]

About BNP Paribas Solar Impulse Venture Fund

The BNP Paribas Solar Impulse Venture Fund, which is the result of a partnership between BNP Paribas and the Solar Impulse Foundation, invests in start-ups and scale-ups with high growth potential committed to the ecological transition, in order to accelerate their development. Targeted sectors include the energy transition, sustainable agriculture and food, the circular economy, water and ocean management, smart cities, sustainable mobility and industrial innovation. The BNP Paribas Solar Impulse Venture Fund is managed by BNP Paribas Agility Capital, a management company wholly owned by BNP Paribas.

Press Contact
Floriane DELABRE – +33 7 62 27 48 34
[email protected]

About BNP Paribas Asset Management

BNP Paribas Asset Management (“BNPP AM”) is the asset management business of BNP Paribas, a leading European banking group with an international reach. BNPP AM’s priority is to deliver long-term sustainable returns to its clients, based on a distinctive sustainable investment philosophy. BNPP AM’s investment management teams focus their development on 5 key areas of expertise: high conviction active strategies, private debt, multi-asset and quantitative investments, emerging markets and liquidity solutions, and integrate quantitative and fundamental analysis into their investment processes.

BNPP AM places sustainable investment at the heart of its strategy and investment decisions. Positioned among the leaders in thematic investment, BNPP AM actively contributes to the energy transition, environmental protection and the promotion of equality and inclusive growth. BNPP AM currently manages €500 billion in assets (€622 billion in assets under management and advised), benefits from the expertise of nearly 500 investment professionals and nearly 800 employees dedicated to client relations, and caters for individuals, companies and institutions in 67 countries.

Figures: BNPP AM, as of 30 June 2022