Belgium-based Capricorn Venture Partners has raised €86.5 million for the final close of its sustainable chemistry fund. The venture capital firm will use the fund to invest in early and growth stage businesses in the sustainable chemistry field.
According to the venture capital firm, the Capricorn Sustainable Chemistry Fund (CSCF) secured commitments from Japanese speciality chemicals company Toyobo, ASR Insurance, Belfius Insurance, and a Belgian family office. Capricorn’s Quest for Growth fund, Siam Cement Group of Thailand, the Belgian sovereign wealth fund FPIM-SPFI, PMV, SRIW, entrepreneurs and another Belgian family office have also backed the fund.
Capricorn Venture Partners has already used the fund to build a portfolio of four biotechnology based-companies, including Virovet (@virovet), cLEcta (cLEcta), DMC-BIO and Black Bear Carbon (@BlackBearCarbon).
In a statement, the venture capital firm said the €86.5m raised adds more than €30m to its “committed capital”.
Capricorn also invests capital through its Capricorn Cleantech Fund, Capricorn Health-tech Fund and Capricorn ICT Fund.
“We already had a financially very strong shareholder base from which we can leverage significant co-investments,” Jos Peeters, Chairman of the Executive Committee of Capricorn Venture Partners, said.
He added: “With the new shareholders we not only have strengthened the shareholder base from a financial point of view, but we also added strong industrial partners who bring insights and access to new markets and who can benefit from our presence in this emerging field for their own innovation strategy.”
Jacques van Rijckevorsel, chairman of the CSCF, explained: “The added value of a fund investment strongly enhances the innovation capability of a corporate investor. It improves the reach of the innovation field, but it also broadens the view of the corporation beyond its current business areas.
“It provides a good view on technology and business possibilities that may arise beyond the horizon of the normal corporate business planning cycles and allow for early stage option development.
“We are proud to have two chemicals corporates on board, from Thailand and Japan, supporting not only the global reach of CSCF, but also illustrating the upcoming business shift to emerging markets in the chemicals world.”
Rob Van Der Meij, investment manager at Capricorn Ventures, will be speaking at the World Bio Markets Conference, the leading assembly for the bio-based economy, on 2 April 2019 in Amsterdam, the Netherlands.