Sofinnova et al. inject €36m into Avantium

Ellie Pullen
05 June 2014

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Netherlands-based Avantium, a specialist in bio-sourced plastics, has secured €36m in funding from a consortium of venture capital firms and trade players including Sofinnova Partners and Coca-Cola.

Trade players Swire Pacific, The Coca-Cola Company, Danone and Alpla have been accompanied in the round by a syndicate of existing venture capital backers, comprising Sofinnova, Capricorn Venture Partners, Aescap Venture, Navitas Capital, Aster Capital and De Hoge Dennen Capital, as well as ING Corporate Investments.

The fresh funding will allow Avantium to further advance towards commercialisation of its PEF product, which is a 100% bio-based plastic. The company is also working towards the launch of its first commercial scale plant, which it hopes will be operational by 2017.

Previous funding
Avantium received €31m funding in February 2002 from a group of investors including DFJ Esprit and MVM Life Sciences Partners. According to unquote" data, €11m of the funding came from the conversion of an existing convertible note issued by an investor consortium in 2001. Existing shareholders also provided €8m in equity to the round.

Aescap then led an €18m round in October 2008 with participation from Capricorn, Navitas and ING.

In June 2011, Sofinnova, Aster, De Hoge Dennen and existing investors Aescap, Capricorn, Navitas and ING injected €25m into the company alongside a €5m subsidy and innovation credit from the Dutch Ministry of Economy, according to unquote" data. Some of the capital was used to buy out the stakes held by DFJ Esprit and AlpInvest, among others.

Company
Founded in 2000 and headquartered in Amsterdam, Avantium develops technology designed to convert plant-based materials into bio-based chemicals and bioplastics.

Its PEF product is a bio-based polyester designed to allow for lighter, thinner and stronger bottles, as well as extending shelf-life.

People
Tom van Aken is the CEO of Avantium. Sofinnova managing partner Denis Lucquin, Aescap partner Michiel de Haan and Capricorn partner Claude Stoufs sit on the company's supervisory board.