By Sudip Kar-Gupta
PARIS (Reuters) – French start-up technology company Woodoo said it had raised $31 million, led by Lowercarbon Capital, which is a fund co-founded by ex-Google executive and early Twitter investor Chris Sacca.
Woodoo, founded in 2017, says its technology can convert low-grade and even diseased wood products and turn them into premium high-tech materials, which can then be used to make surfaces and panels, as well as items for luxury goods.
The fund-raising for Woodoo highlights the growing importance of companies involved in recycling raw materials to protect the environment, as well as growth in France’s tech sector.
Last year President Emmanuel Macron said he wanted a surge in the number of French tech ‘unicorns’ or start-ups by 2030.
Paris has traditionally lagged New York, California and also London as a technology and finance hub, but the French technology sector has recently notched up several high-profile fundraising rounds for some companies.
(Reporting by Sudip Kar-Gupta; Editing by Frances Kerry)