FinX successfully completes its second round of financing
Founded in 2019, the start-up FinX develops electric membrane outboard motors, without propellers, inspired by fish fins. After a first fundraising in early 2020, amounting to 1 million euros from business angels, Bpifrance and the i-Lab grant, the company is taking a new step by closing a second Series A round on October 4, 2022. The envelope reaches 6 million euros. Among the investors in the round were funds specializing in deeptech, such as Supernova Invest and Bpifrance, through French Tech Seed as part of the Programme Investissement d'Avenir, as well as local players in Normandy, such as Normandie Littoral, Normandie Participations and Crédit Agricole Innove en Normandie.
Accelerate industrialization
If the Fin5, the first model with a power of 2 kW the new engine, with a thrust comparable to that of a 5-horsepower internal combustion engine, has been on display at trade shows for several months now, and the first series of engines is expected to go into production in early 2023. The funds raised should accelerate the industrialization process. The Paris-based start-up plans to open a production site in Normandy
The money raised will also allow us to work on the development of the Fin150, a higher-powered finned outboard. With a 120 kW motor and a thrust comparable to a classic 150 horsepower, it is intended for larger boats, both recreational and professional.
