Imperial Innovations leads £5m round for Econic

Imperial contributed £2.5m to the round, with new backer Woodford Investment Management and existing investor Jetstream Capital also taking part.

The fresh capital will enable Econic to invest in new product development, in addition to funding the upgrade of its manufacturing facilities.

Upon completion of the deal, Imperial will hold a 53.7% stake in the company.

Imperial has been particularly active in recent months, with Econic marking its fourth investment since the beginning of May. Most recently, the firm took part in a £12m series-A for biotech business Storm Therapeutics.

Previous funding
Econic first received venture capital backing in February 2012, when Imperial and Norner Verdandi invested £1.1m in the business. Two years later, Jetstream backed the company, joining Imperial in a £5.1m series-A round.

Company
Founded in 2012, London-headquartered Econic is a chemicals company producing catalysts for use in the manufacturing of plastics. It has developed a manner of blending captured carbon dioxide with epoxides to produce polycarbonates.

People
Imperial Innovations – Kelsey Lynn Skinner (director of tech venture).

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