Sofinnova Partners has led a £15.4 million investment into biotechnology company Green Biologics alongside Oxford Capital Partners, Capricorn Venture Partners and Swire Pacific.
The Oxford-based company, which is involved in the conversion of biomass to renewable fuels and chemicals has now raised £28.21 million since it began fundraising back in 2007. It specialises in the manufacture of renewable C4 chemicals and advanced biofuels.
The new funding round predates efforts by the business to bring on stream its first commercial production facility in the US in 2016. Green Biologics already has a US office in Ohio, where it maintains laboratories and pilot facilities.
Prior to banking £15.4 million from its syndicate of backers, also including Morningside Ventures and Convergince, Green Biologics had closed five previous funding rounds. Transactions worth £1.58 million in 2007, £1.02 million in 2009 and £5 million in 2010 saw backers such as Oxford Capital Partners, Morningside and Capricorn Venture Partners become involved. Subsequent deals worth £3.21 million in 2012 and £2 million earlier in 2013 involved existing investors before Sofinnova and Swire joined as part of the latest injection.
Sean Sutcliffe, chief executive of Green Biologics, says he welcomes the new support of Sofinnova and Swire, alongside the continued backing of historical investors.
‘As well as bringing exceptional skills and experience from our new investors to accelerate the development of the company, this investment round underlines the strength of Green Biologics’ commercial and technical position,’ he adds.
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To coincide with the new funding round, Green Biologics has also confirmed that its notice of intent to purchase the assets of Central MN Ethanol Co-op through its US operation has been converted into an asset purchase agreement and approved by shareholders. It is hoped the buy will boost its position in the renewable chemicals market.
Sofinnova Partners managing partner Denis Lucquin comments, ‘Green Biologics has developed a market-leading technology for producing renewable n-butanol and acetone.
‘This position, backed by an experienced management team and a clear path to profitability gives us confidence that Green Biologics can deliver exceptional added value to shareholders as well as to customers.’