Capricorn Partners seeks EUR 25m for industrial biotech VC fund

The firm is targeting corporate and institutional investors keen to support sustainable industrial biotech and chemistry companies. It is looking to raise a further EUR 10m-15m for the vehicle.

The VC also welcomes investments from other funds, such as in fund-of-funds type of investment, particularly from those that seek its expertise in supporting cleantech and industrial biotech.

Capricorn Industrial Biotech Fund, which was launched earlier this month, already has EUR 10m in commitments from two investors: the Dutch regional economic development agency InnovationQuarter and Dutch industrial chemicals company DSM.

Capricorn plans to use the fund to back 17 early-stage sustainable chemistry companies that are in the midst of the energy and feedstock transition and that are based in the Benelux or Germany. It aims to create an ecosystem of sustainable industrial biotech in those regions.

The firm targets significant minority stakes with active participation on the board of companies, as well as networking and expertise support, van der Meij said. It finances seed and Series A rounds, providing initial tickets of between EUR 250,000 and EUR 500,000, and total tickets of EUR 3m per company.

It tends to invest alone in early funding rounds and as part of a syndicate in later-stage rounds. Capricorn's holding period is between five and 10 years, and it has so far exited four companies, including German biotech firm c-LEcta, which it sold to Kerry Group earlier this year. Capricorn Partners might pursue two more exits in 2023, van der Meij noted.

Capricorn has more than EUR 118m in committed capital with a focus on areas such as cleantech, biotech, and digital technology sectors. Among its portfolio companies, UK-based developer of polyethylene film Void Technologies is currently in the midst of launching its new funding round, he said.

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