EnginZyme Raises €21 Million in Series B Funding
EnginZyme, a green technology company that deals in biomanufacturing processes for sustainably manufacturing everyday products, said it had raised €21 million in a Series B funding round.
In this round of funding, Sofinnova Partners, Industrifonden, and SEB GreenTech VC are joined by Almi Invest GreenTech, Navigare Ventures, and Bunge Ventures, three new investors.
EnginZyme's goal is to make sustainable, bio-based technology available to companies in many different fields. It uses natural catalysts like enzymes in its technology platform. This combines the power of biology with the efficiency of the chemical industry to make a solution that is the best of both worlds.
By using its patented cell-free technology platform instead of traditional manufacturing methods based on fossil fuels, the company hopes to speed up the move toward more environmentally friendly ways to make the products that people use every day.
EnginZyme, a World Economic Forum Technology Pioneer, will use the Series B financing to carry out its objectives for large-scale global commercialisation and develop additional features of its patented technology platform to improve performance and simplify scaling in existing and new markets.
“This fundraising marks a pivotal moment for EnginZyme," said Dr. Karim Engelmark Cassimjee, CEO and co-founder of EnginZyme. "This started as an idea at The Royal Institute of Technology in Stockholm to fight climate change by enabling greener chemistry for every industry. We got several well-known investors and set up a business where chemical engineering and biology meet. Today, we are extremely proud to have the support of this high-quality syndicate of investors as we drive forward into our next stage of growth.”
Alex Basu, Investment Manager of Navigare Ventures, commented: "At Navigare Ventures, we're sure that nature-inspired ideas will help us solve some of our biggest problems. Therefore, we are thrilled to support EnginZyme as it prepares for the next phase. With its science-based technology, solid industrial anchoring, and a strong syndicate of investors, EnginZyme is well positioned to accelerate the development of its technology for the benefit of sustainable manufacturing.”
Helen Taflin, Investment Manager of Almi Invest GreenTech, said: “EnginZyme provides a unique and green solution with the potential to drive the chemical sector in a sustainable direction at a large scale and on commercial terms by improving the carbon footprint and climate impact. We look forward to supporting the company alongside our fellow co-investors.”
“We believe the best ideas in biotechnology deserve long-term support,” said Michael Krel, Partner at Sofinnova Partners and Chairman of the Board at EnginZyme. “This funding round proves that we are not alone. EnginZyme’s combination of biochemistry know-how and process engineering has the potential to push sustainable manufacturing to the next level.”
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Source: Business Wire