Bioo raised €500k via SociosInversores, Archipelago Next and WA4STEAM

Spain Investments 18 March 2020
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Bioo, a Barcelona, Spain-based startup producing an alternative source of energy based on plants, announced the completion of a €500k ($550k) capital investment round.

The funding was raised via an equity crowdfudning campaign on SociosInversores and included contribution from Archipelago Next and WA4STEAM.

The company's Board of Directors includes Francesc Riverola, Founder of FXStreet.com, Josep Surinach, Ex-executive of General Electric Power & Water, Expscar Expósito, Co-founder and CEO of Vytrus Biotech and Thomas Reese Saylor, CEO of Sirus Pharmaceuticals.

Bioo, founded in 2015 and operated by eveloped by Arkyne Technologies S.L led by CEO Pablo Vidarte, developed a technology that is producing electricity from plant's photosynthesis. The technology uses the microorganisms present on soil, which divide matter to release electrons. Other developments include the use of plants as biological antennas and switches. The company recorded sales of €145K in 2019, in its first 4 months of sales.

Bioo has been financed by public funding of $2.7 million (€2.5 million) from the European Union’s H2020 program.