NovoPolymers pulls in further VC funding

Capital-E led the round. Existing investor Capricorn backed NovoPolymers via its Capricorn Cleantech Fund, the firm's third vehicle, which closed on €100m in May 2008.

The fresh funding will be used by NovoPolymers to finance its repositioning in the photovoltaic market. The company has begun to focus on new research and development routes to create products that increase the power output of a solar panel.

NovoPolymers will also use the new capital to finance its pursuit of internationalisation.

SFPI-FPIM is a government-owned investment company that backs Belgian businesses. It also acts as a holding company for the Belgian government; its portfolio currently includes bpost, Brussels Airport, Nationale Loterij (National Lottery) and Brussels Airlines, according to the company's website.

Previous funding
NovoPolymers first received funding in May 2009. Gimv and Capricorn, the latter via its Cleantech Fund, injected €3m in early-stage funding into the business, both equally contributing to the round.

This was followed by a €4.2m round in February 2011, with Gimv and Capricorn providing further funding to the business. In March last year, Gimv and Capricorn were joined by new backer SFPI-FPIM. The three firms backed NovoPolymers with a €5.4m investment.

Company
NovoPolymers was founded in 2008 and is headquartered in Antwerp. The company manufactures solar encapsulants, which are films for solar modules that are designed to protect the panels from environmental damage.

People
Koen Hasaers is the CEO of NovoPolymers. Sofie Baeten is a partner at Capital-E. Gimv partner Bart Diels has worked on all other investments in the company for the firm, while Capricorn investment manager Steven Levecke has represented the firm's Cleantech Fund in past transactions.

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• Topics
• Benelux
• Expansion
• Industrials
• Gimv
• Belgium