Rising star on the circular scene, European Circular Bioeconomy Fund (ECBF), have announced a second closing, reaching €175 million, it has more than doubled its fund-size within two months after starting its operations. ECBF is the first venture fund exclusively focussed on the bioeconomy and circular economy in Europe and has a targeted fund-size of €250 million.
For its second closing, ECBF raised €93 million from a diverse group of private and public investors. New investors include Nestlé, the world’s largest food and beverage company; Neste, the world’s leading producer of renewable diesel and sustainable aviation fuel; and Volkswohl Bund Versicherungen, a German insurance company. One family office and the NRW.BANK, the promotional bank of North Rhine-Westphalia (NRW), also joined the round.
Including the European Investment Bank (EIB) and three private investors who already participated in the first financing round in autumn (PreZero International; Corbion; and Dr. Hettich Beteiligungen), ECBF is now backed by nine investors from five different European countries. These investors share the vision of scaling-up innovative bio-based companies and backing solutions to the pressing challenges of sustainability.
“The entire ECBF team is delighted to welcome first-class fund investors from various sectors and countries. The investors, bringing extensive experience and networks, are invited to play an active role in the selection and expansion of bio-economy companies” says Michael Brandkamp, Managing Partner at ECBF Management GmbH.
Peter Vanacker, Neste President and CEO on the announcement: “Neste’s ambition is to become a global leader in renewable and circular solutions. Accelerating the shift to a circular economy requires innovation, commitment and partnerships. We are happy to join the ECFB Fund, and support Europe’s transition to a more sustainable economy and society.”
“We are pleased to contribute funding and expertise to scale up innovative solutions in the renewable and bio-based sectors in Europe. It is in line with our commitment on sustainable packaging and our plans to combat climate change” added Antonia Wanner, Head of Environmental, Social and Governance (ESG) Strategy and Deployment Unit at Nestlé.
ECBF invests in late-stage bioeconomy companies across Europe with high potential for innovation, favourable returns, and sustainable impact. By targeting those deals, ECBF aim at addressing the challenge of providing capital to unlock the economic potential of the bioeconomy and circular bioeconomy. The track record in venture capital and industry expertise of the advisory team at ECBF Management GmbH is key in selecting the best bioeconomy investments and providing valuable support to catalyse their further growth.
“We foresee very attractive opportunities to stimulate innovation growth at the pan-European level, as the transformation from linear fossil-based value chains to a circular bio-based economy is accelerating considerably. Other investors interested in participating in this exciting development are welcomed at ECBF until August 2021″ concludes Mr. Brandkamp.
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