EnginZyme Extends Series A to €11 Million to Advance Cell-Free Chemical Production Platform in Funding Round Led by Sweden’s Industrifonden
EnginZyme seeks to transform the $5 trillion chemical industry through the use of its enzyme-based platform, which combines the breadth and power of nature with the efficiencies of state-of-the-art chemical processing techniques
STOCKHOLM--(BUSINESS WIRE)--EnginZyme, a company developing a technology platform for sustainable production of chemicals, today announced it has closed an extension to its Series A financing round, bringing the total raised to €11 million. The extension round was led by Industrifonden, Sweden’s largest deep tech venture capital firm, followed by SEB Greentech VC and existing shareholders.
“Current bio-manufacturing processes are too expensive and too difficult to scale to be economically feasible for most chemicals and products,” said Dr. Karim Engelmark Cassimjee, CEO of EnginZyme. “This funding round will allow us to demonstrate that the problem is solvable, and that our approach is a versatile and scalable solution.”
More than half of the global economy’s physical inputs could be produced biologically, according to a 2020 McKinsey report. The economic potential of applications based on innovative biological processes is immense -- those that are scientifically feasible today could have a yearly economic impact of up to $4 trillion over the next two decades, according to the same report.
EnginZyme’s technology platform leverages engineered, immobilized enzymes to create a best-in-class approach that combines the breadth and power of biology with the efficiencies of the chemical industry. It thereby overcomes the limitations of fermentation and promises increased productivity at lowered costs, hence increasing the sustainability of chemical production.
While other bio-manufacturing technologies often struggle to move out of the lab to deliver meaningful volumes, EnginZyme has produced catalysts at multi-kilogram scales and operated pilots capable of producing 50 tons per year of product. This year will see the company pilot production processes and advance partnerships across markets such as high-performance cosmetics, food applications, alternative sweeteners, and flavors and fragrances, testifying to the versatility and scalability of its technology.
“EnginZyme is demonstrating its ability to replace traditional, fossil fuel-based, energy-intensive, unsustainable chemical production with a green alternative that doesn’t compromise on efficiency,” said Patrik Sobocki, Investment Manager at Industrifonden. “The company represents the future of synthetic biology and the future of chemical production. EnginZyme has a blue ocean opportunity to redefine the chemical industry. We are pleased to add EnginZyme to our deep tech portfolio as it fits well with our strategy.”
“The climate crisis is the challenge of our lifetime. Building a sustainable future requires the rapid adoption of technologies like EnginZyme’s in hard to abate sectors such as chemicals manufacturing,” said Markus Hökfelt, head of SEB Greentech VC. “We are thrilled to make EnginZyme our first SEB Greentech VC investment.”
EnginZyme previously announced its Series A investment led by Sofinnova Partners, a leading European life sciences venture capital firm based in Paris, London, and Milan. "This milestone strengthens our early conviction in the potential of EnginZyme’s unique technology to contribute to a more sustainable future. Welcome to Industrifonden and SEB Greentech VC," said Michael Krel, Partner at Sofinnova Partners.
Industrifonden is a Nordic venture capital investor based in Stockholm. We invest in breakthrough technologies and science-based innovation – the industry of tomorrow. For more information, visit www.industrifonden.com.
About SEB Greentech
SEB Greentech VC invests equity in start-ups with a major potential to reduce GHG emissions and keep our economy within the planetary boundaries. We want to help our portfolio companies grow with access to a broad industry and investor network from global leading clients and partners. SEB Greentech VC is part of SEB, a leading Nordic financial services group with a strong belief that entrepreneurial minds and innovative companies are key in creating a better world. SEB takes a long-term perspective and supports its customers in good times and bad. In Sweden and the Baltic countries, SEB offers financial advice and a wide range of financial services. In Denmark, Finland, Norway, Germany and the United Kingdom, the bank's operations have a strong focus on corporate and investment banking based on a full-service offering to corporate and institutional clients. The international nature of SEB's business is reflected in its presence in some 20 countries worldwide. At 31 December 2020, the Group's total assets amounted to SEK 3,040bn while its assets under management totalled SEK 2,106bn. The Group has around 15,500 employees. Read more about SEB at https://www.sebgroup.com
EnginZyme’s cell-free bio-manufacturing platform marries the efficiency of the chemical industry with the power and diversity of biology, establishing a foundation for the future chemical industry. The company is headquartered in Stockholm, Sweden. For more information, visit www.enginzyme.com.