Belgium's Solvay invests €5m in industrial biotech fund

11 December 2012 14:01  [Source: ICIS news]

LONDON (ICIS)--Solvay has committed €5m ($6.5m) to a seed capital fund launched by French investor Sofinnova Partners to finance European small and medium enterprises (SMEs) active in industrial biotechnologies, the Belgian chemicals producer said on Tuesday.

Known as the Green Seed Fund, the fund is to invest in companies developing renewable alternatives to petrochemicals, Solvay said. The fund, which is still fundraising, held a first close on €22.5m, with other investors including Siclae, Sofiproteol, Unigrains and CDC Entreprises.

Solvay said that it will also contribute technology and market expertise to the fund and to projects and companies receiving investment.

Another Sofinnova Partners fund, Sofinnova Capital VII, closed today on €240m, according to Sofinnova Partners associate Denis Lucquin.

($1 = €0.77)
By: Tom Brown
+44 208 652 3214



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