2 March 2017 - PARIS--(BUSINESS WIRE)
Sofinnova Partners, a leading European venture capital firm specialized in life sciences, today announced the first closing of Sofinnova Industrial Biotech I (Sofinnova IB I) at €106 million. The fund, dedicated to renewable chemistry, follows a series of 9 investments in the sector since 2009, and places Sofinnova Partners at the forefront of this promising emerging market.
Sofinnova IB I will be invested in start-ups along the value chain from the transformation of renewable raw materials, like agricultural waste or C02, to renewable end-products such as bio-plastics and other bio-sourced materials. It will equally look at technologies coming from advances in synthetic biology and alike. The investment thesis is based on growing market demand for innovative, renewable products leveraging non-fossil raw materials and novel technologies to produce better performing or cheaper, sustainable alternatives.
Pursuing the strategy applied consistently over the years with previous funds, Sofinnova Partners will seek to invest Sofinnova IB I as a founding and lead investor in start-ups and corporate spin-offs, in Europe and North America. The focus of the fund will consist in backing visionary entrepreneurs aiming at developing paradigm changing innovations from lab to the end users market. Sofinnova IB I will seek to invest in 8 to 10 companies during the next 3 to 4 years. It will leverage an experienced and dedicated team, initially composed of Denis Lucquin, Managing Partner, Joško Bobanović, Partner, and Michael Krel, Principal.
For this substantial first closing, Sofinnova IB I attracted premier investors, predominantly European institutions and major international industrial players, from energy, chemical and agricultural sectors, including several returning investors from the seed fund raised in 2012 in the same sector: Sofinnova Green Seed Fund.
Source: Sofinnova Partners
Illustration Photo: The bacterium Basfia succiniciproducens (photo) produces succinic acid. In this process the bacterium, which was isolated from the stomach of a Holstein cattle, fixes the climate gas carbon dioxide (CO2). The demand for succinic acid is anticipated to grow strongly in the years ahead, driven mainly by bioplastics, chemical intermediates, solvents, polyurethanes and plasticizers. (credits: BASF / Flickr CC BY-NC-ND 2.0)