Plastic alternative producer Lactips raises €13m

Societe de Projet Industriel is managed by state-owned investment group BPI France, while Diamond Edge Ventures is the strategic investment fund of Japanese conglomerate Mitsubishi Chemical Holdings Corporation.

The startup, which produces thermoplastic pellets made out of milk protein, has raised €20m so far and will use the new proceeds to accelerate its industrialisation and strengthen its position in the packaging markets in the food and construction sectors, as well as single-use packaging.

Previous funding
In July 2018, Lactips raised €3.7m from Emertec, Demeter, BASF Venture Capital, BNP Paribas Développement and Crédit Agricole Haute-Loire Capital Innovation. Prior to that, in 2017 it received a €1.5m grant from the EU.

Company
Founded in 2014 and based in Saint-Jean-Bonnefonds, Lactips is a producer of thermoplastic pellets made of milk protein. It employs 45 staff.

People
Lactips – Marie-Helene Gramatikoff (CEO, co-founder).
Diamond Edge Ventures – Patrick Suel (president).
Mitsubishi Chemical Europe – Ansgar Pohl (regional president, CEO).  

Advisers
Company – CleanTech Capital Advisors (financial due diligence); Lamy Lexel (legal).
Equity – Grant Thornton (financial due diligence); Deloitte Developpement Durable (operational due diligence); UGGC Avocats (legal); Orrick Herrington & Sutcliffe (legal). 

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• Topics
• Early-stage
• France
• France
• BNP Paribas Développement
• Grant Thornton