FenX raises CHF 2.7M to support R&D efforts for the production facility and market entry of its mineral foams for building insulation
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ETH Zürich spin-off FenX developing mineral foams for building insulation closed a CHF 2.7M seed financing round backed among others by TRfinanz Holding AG, Zürcher Kantonalbank, CADFEM International AG, Swiss Prime Site AG, the ETH Zurich Foundation, ValueBridge GmbH and CIMA Corporate Investment Management Affentranger Holding SA. We interviewed Co-Founder & CEO Dr. Etienne Jeoffroy to know more about the use of this new investment and the experience he gained on his entrepreneurial path.
FenX has developed a patented technology that uses mineral waste and low-value inorganic particles to produce a cost-effective solution for a sustainable, safe, and efficient thermal insulation of buildings. The investment proceeds will be used to continue the R&D efforts, for the setup of the first production facility, and for the preparation of the market entry. The round also includes the funds obtained from the Klimastiftung Schweiz and the EU Framework Programme for Research and Innovation Horizon 2020.
Photo credits: FenX - Boris Adolf Photography
“The FenX team has developed a technology that has all the ingredients to change the rules of the game in the construction materials market. I’m very proud to participate in the further development of the company and thereby help to contribute to reducing the carbon footprint of the construction industry. The first-class FenX founders’ team is now backed by a committed group of industry and financial experts” indicates Anton Affentranger, Chairman of the Board of FenX and investor. The Board of Directors of FenX AG is complemented by Etienne Jeoffroy and Michael Stucky.
FenX is the recipient of several prestigious awards including the W.A. de Vigier Award 2020, the Swiss Technology Award 2019, or the SEIF Award for Social Entrepreneurship. FenX has participated in the following programs & accelerators: ETH Pioneer Fellowship, BRIDGE program, Venture Kick program, Climate KIC program, Gebert Rüf Innobooster program, the Swiss Innovation Agency – Innosuisse and Genisuisse.
Etienne, how will the CHF 2.7M investment help achieve your vision?
This financing round brought together a group of prestigious Swiss investors and entrepreneurs joining our venture. Their experience in the building industry associated with their financing capacity make viable our vision to massively decrease the carbon footprint of buildings. With the funds deriving from the round, we intend to establish our first production line of insulation panels, to be able to complete our product certification and achieve pilot projects with key customers.
You won Venture Kick in 2019. How did it help you lay the foundation for your growth and today's achievement?
The program Venture Kick was a door opener at the beginning of our journey which gave us important access to customers and investors. It also allowed us to expose ourselves to other young entrepreneurs who went through similar obstacles, and from which we could learn. Finally, the Kickers Camps had a major impact on FenX as it allowed us to strongly refine our business offer, starting from a solution-oriented and ending to a customer-oriented strategy.
You also participated in Swiss South African Venture Leaders and Innosuisse Business Creation Engineering in 2018, and in 2019 in Swiss Prime Site Startup Accelerator in Proptech and Innosuisse Business Growth. How did these programs respectively leverage your fundraising strategy?
The programs we participated in through Venturelab offered us remarkable visibility within our industry, in particular the Swiss Prime Site Startup Accelerator which provided a unique opportunity to learn from a major real estate developer in Switzerland. By drawing our respective objectives during the accelerator, we observed that a synergy through a partnership could significantly benefit the two companies. This is why today Swiss Prime Site AG is one of the investors of FenX AG.
FenX AG: Transformation of mineral waste into insulation materials.
When choosing insulation materials, the building industry has to compromise on either price, flammability or ecological impact. At FenX we found a way to turn industrial waste into handy and high-pe... Read more
