Chris Sacca's Lowercarbon Capital just invested $20 million in Woodoo, a startup making wooden alternatives to steel, cement, and glass, after seeing this pitch deck
Summary
The cash injection is made up of around $20 million in venture capital led by Chris Saccas Lowercarbon Capital, with the remainder being debt and loans, Insider understands.Paris-based Woodoo aptly named to represent the companys "magic" uses a chemical process to extract lignin from planks of wood to create alternatives to leather, glass, concrete, and steel.Lignin is a molecule that makes up about 25% of wood but is its "weak" building block, as it is food for insects and degrades over time, Boitouzet said. "Its like molecular gastronomy," the founder and CEO said.Founded in 2017, Woodoos process works with low-grade and even diseased wood, meaning that when a tree is culled due to infection, it can still be put to use. The building and construction sector is on track to miss its 2050 net zero goals; it accounted for around 37% of energy and process-related CO2 emissions in 2021.Measured from when a tree is cut down to when a product leaves its factory gate, Woodoos glass, leather, and aluminum alternatives have respective carbon footprints that are seven, 30, and 229 times lower than conventional versions, Boitouzet said.Swiss-based climate fund One Creation, French VC Purple, and angel investors participated in the round. Woodoo will double its headcount over the next 18 months from its current size of 40 people.The company is focused on expansion, building out its commercial team while investing in technology and filing more patents. As well as having its own manufacturing sites, it has a subcontractor strategy to scale up quickly while remaining capex light a move that resonated with investors, Boitouzet said.Check out the 8-slide redacted pitch deck the company used to secure the funds: