BioAmber Closes $45 Million Series B to Fund Succinic and Adipic Platforms
MINNEAPOLIS, MN, May 4 /PRNewswire/ - BioAmber Inc., the market leader in biobased succinic acid, has raised $45 million dollars in a Series B financing that will accelerate the commercialization of succinic acid and modified PBS. The round was led by NAXOS Capital Partners, a European based growth capital fund focused on acquiring and developing businesses with unique intellectual property or market position with a focus on renewable agro and food business, energy and clean-technology. Joining NAXOS as a new investor in BioAmber was Mitsui & Co., a leading Japanese trading company, which participated through its Cleantech & Healthcare Investment Department. The round was co-led by BioAmber's largest shareholder, Sofinnova Partners, a leading European venture capital firm. Also participating in the round were existing investors Mitsui & Co. Venture Partners, based in Palo Alto California, and the Cliffton Group, based in Montreal, Quebec.
The fundraising will help BioAmber strengthen its position as the market leader in succinic acid and accelerate the commercialization of biosuccinic and modified PBS, including the construction of a large-scale plant in North America. It will also fund ongoing development work in the field of succinic acid, including the second generation organism being developed with Cargill, the technology licensed from DuPont that converts succinic acid to 1,4-butanediol (BDO), the novel purification process developed and scaled up with MATRIC, and the use of non-food feedstocks to produce biobased succinic acid. BioAmber will also strengthen its management team and build out its in-house R&D capabilities to accelerate the development of its adipic acid platform.
"We were impressed by BioAmber's management team, breadth of strategic partnerships and business model and we are very pleased to be the lead investor in this round," said Carole Piwnica, Managing Partner of NAXOS and newly elected Vice-Chairman of BioAmber's Board of Directors.
"BioAmber has made remarkable progress under the management team's strong leadership since Mitsui & Co. Venture Partners, our wholly owned venture capital operation participated in the Series A round 18 months ago," said Taro Inaba, General Manager of Mitsui & Co.'s Cleantech & Healthcare Investment Department.
"BioAmber is the most advanced company in the field of succinic acid and one of the few renewable chemical companies that have reached commercialization, with an impressive record of executing against plan," said Denis Lucquin, Managing Partner of Sofinnova.
"We are proud to welcome NAXOS, which brings extensive industry experience, and Mitsui & Co., which has a global presence in biobased chemicals, and we are thankful for Sofinnova's unwavering support. With our strong investor base and unrivaled partnerships, we are poised for rapid growth and long term market leadership," said Jean-Francois Huc, CEO of BioAmber.
About BioAmber Inc.
BioAmber, a renewable chemistry company, is the market leader in the development and commercialization of biobased succinic acid and derivatives including modified PBS, a biodegradable plastic offering better heat resistance and processability than other biopolymers. BioAmber operates the world's only dedicated biobased succinic acid plant and has partnerships with market leaders including Cargill, DuPont Applied Biosciences, Mitsui & Co. and Mitsubishi Chemical. BioAmber is also leveraging its succinic acid experience and know-how to develop a biobased adipic acid platform. The company has offices and research labs in Minneapolis, MN, an office in Montreal, a sales office in Shanghai, China and a production plant in Pomacle, France. For more information, see www.bio-amber.com.
SOURCE BIOAMBER INC.