Truffle injects €2m into Geocorail

According to Geocorail, the capital will be invested in its R&D line and will finance several new hires; the business intends to double headcount from three to six before year-end.

In addition, there are plans to set up new research sites for its lead product, an anti-erosion, coral-like material fashioned from electrochemical compounds and local minerals. Commercial development for the technology is foreseen to commence next year.

According to a source close to the deal, this is the first institutional round seen by Geocorail since its Truffle-backed foundation in 2012.

At the time, the VC acquired a majority stake in the business via the Incubatrice Matières Premières et Matériaux holding, which has been increased after the latest round, this same source explained.

The capital increase for Geocorail takes place as the environmental sector becomes a hotspot for French private equity. The country, currently hosting UN climate talks, will channel €4bn towards green companies via state investor BPI France within the next three years.

Company
Founded in 2012, Geocorail develops an electrochemical compound that is combined with local minerals to create a coral-like material used against coastal erosion. According to the company, the product has the potential to capture some of the carbon that oceans absorb and trap water pollutants such as heavy metals. Headquartered in Paris, the business currently employs three people and is believed to be generating turnover. 

People
Truffle's work on the deal was coordinated by cleantech-focused partner Alexandre Ouimet-Storrs. Following the round, Dominique Michel and Philippe Andreani were appointed CEO and managing director of Geocorail, respectively.

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