ECOAT, a French company pioneering bio-based and sustainable coating solutions, successfully closed a €21 million, backed by Yotta, Starquest, the European Circular Bioeconomy Fund (ECBF) and with support from the French government’s France 2030 plan via ADEME. This milestone was supported by the EEN2EIC project, which played a key role in facilitating strategic investor connections.
ECOAT participated in a pitching session organized by Bpifrance within the EEN2EIC project in September 2023. This event, specifically designed to spotlight Seal of Excellence–holding companies with strong growth potential, proved instrumental in ECOAT’s fundraising journey. During the session, ECOAT’s CEO, Olivier Choulet, met representatives from the Growth Equity fund of Yotta Capital, a first interaction that would later develop into a successful investment partnership.
For Yotta, these sessions are a valuable channel for discovering high-potential innovators in targeted and efficient formats:
“At Yotta, we regularly attend the pitch sessions organized by the EuroQuity team with EENs, which complement our deal-sourcing activities. It was during one of these sessions in September 2023 that we met Olivier Choulet, CEO of Ecoat. This initial exchange allowed us to deepen our understanding of the project ahead of its fundraising round in 2024. That connection proved very useful, as we later invested in Ecoat in April 2025.”
From ECOAT’s perspective, the pitching activities coordinated through the EIC and in particular the EEN2EIC project, have long been an important part of their innovation and growth pathway:
“We have been working with the EIC for about ten years, and more recently through pitch sessions with private funds with Seal of Excellence holders. These sessions were an excellent preparatory step for our Series B fundraising in 2025, which we were delighted to complete with Yotta, Starquest, and ECBF. The EEN2EIC 2023 pitch session was a great first introduction that helped us save time later on.”
– Olivier Choulet, CEO of ECOAT
The successful fundraising round will allow ECOAT to accelerate the scale-up of its sustainable polymers and coatings, strengthening its contribution to the European green transition. The company’s achievement highlights the impact of EEN2EIC in connecting innovative SMEs with investors who share their vision—turning early introductions into strategic partnerships that fuel growth.