Sofinnova et al. invest in MetGen

This is the first investment following the announcement of Sofinnova Green Seed Fund's first close on €22.5m in December 2012.

The fund is exclusively dedicated to seed investments in renewable chemistry and industrial biotech across Europe. Its investors include industrial players such as Solvay, Siclaé, Sofiprotéol and Unigrains, as well as CDC Entreprises.

The fresh capital will help accelerate MetGen's commercial roll-out and the development of new products.

The company, which is currently running industrial trials with several European partners, will initially market its solutions in Scandinavia, Germany, France and North America.

Company
Founded in 2006 by entrepreneurs Alex Michine and Alex Azhayev, MetGen is a start-up that develops industrial enzymes with applications in the pulp & paper, advanced bio-fuels and biochemicals industries.

The Finnish company has developed a technology designed to improve the action of natural enzymes and to adapt them for use in harsh industrial conditions. When used in the pulp and paper industry, the enzymes allow energy savings and more sustainable operations.

People
Josko Bobanovic is a partner at Sofinnova. Alex Michine is the CEO and founder of MetGen.

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