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French tech company Woodoo raises $31 million, led by Chris Sacca's Lowercarbon Capital

Sudip Kar-Gupta
·1-min read

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.

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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)