Avantium BV of Amsterdam closed a Euro 18 million private financing round led by Aescap Venture, with Capricorn Cleantech Fund, ING Corporate Investments and Navitas Capital. As well as advancing development of its biofuels and bioplastics products, the funding also enables the company to buy out certain shareholders with MVM, Signet Healthcare Partners and SR One making an exit. Existing shareholders DFJ Esprit, AlpInvest, EDB Investments, Eastman Chemical and Pfizer, followed on.
Avantium was spun out from Shell in 2000 to commercialise high throughput systems developed originally for catalysis R&D. It has a collaboration with the University of Leiden in the development of new crystal forms of patented marketed drugs. The high throughput tools are sold to third parties and Avantiuim is applying them to its inhouse development of biofuels, bioplastics and pharmaceuticals
With the new money Avantuim will invest in large scale production of its Furanics biofuel and testing it in cars.
Tom van Aken, CEO of Avantium said the financing will strengthen the shareholder base of the company. “We are very pleased by the participation of such high-quality investors. The new investors bring very strong expertise and experience in facilitating rapidly growing technology companies in the healthcare and cleantech arena.”
“Closing this financing round in the current turmoil of the financial markets is a clear sign of the strength of the company.”
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