Swedish startup raises €21 million to accelerate the commercialisation of its cell-free biomanufacturing technology
"EnginZyme provides a unique and green solution with the potential to drive the chemical sector in a sustainable direction"
EnginZyme, a green tech company developing biomanufacturing processes for the sustainable manufacturing of everyday products, announced that it had raised €21 million in a Series B financing round. New investors, including Almi Invest GreenTech, Navigare Ventures and Bunge Ventures, join existing investors Sofinnova Partners, Industrifonden and SEB GreenTech VC in the funding round.
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EnginZyme's goal is to put sustainable, biobased technology within reach of companies across various sectors. Its technology platform utilises nature's catalysts, enzymes, combining the power of biology with the efficiency of the chemical industry in a best-of-both-worlds solution. By replacing traditional fossil-based manufacturing with its patented cell-free technology platform, the company seeks to accelerate the shift toward more sustainable manufacturing of the products that modern society relies on.
EnginZyme, which is recognised as a Technology Pioneer by the World Economic Forum, will use the Series B funds to execute its plans for large-scale global commercialisation and build new features of its proprietary technology platform to enhance performance and facilitate scaling in current and new markets.
"This fundraising marks a pivotal moment for EnginZyme," said Dr Karim Engelmark Cassimjee, CEO and co-founder of EnginZyme. "This started as an idea at The Royal Institute of Technology in Stockholm to fight climate change by enabling greener chemistry for every industry. We attracted several established investors and created a company at the intersection of chemical engineering and biology. Today, we are extremely proud to have the support of this high-quality syndicate of investors as we drive forward into our next stage of growth."
Alex Basu, Investment Manager of Navigare Ventures, commented: "At Navigare Ventures, we're convinced that solutions inspired by nature will be key to solving some of our largest challenges. Therefore, we are thrilled to support EnginZyme as it prepares for the next phase. With its science-based technology, solid industrial anchoring, and a strong syndicate of investors, EnginZyme is well positioned to accelerate the development of its technology for the benefit of sustainable manufacturing."
"We believe the best ideas in biotechnology deserve long-term support," said Michael Krel, Partner at Sofinnova Partners and Chairman of the Board at EnginZyme. "This funding round proves that we are not alone. EnginZyme's combination of biochemistry know-how and process engineering has the potential to push sustainable manufacturing to the next level."
Helen Taflin, Investment Manager of Almi Invest GreenTech, said: "EnginZyme provides a unique and green solution with the potential to drive the chemical sector in a sustainable direction at a large scale and on commercial terms by improving the carbon footprint and climate impact. We look forward to supporting the company alongside our fellow co-investors."
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