Industrial Biotechnologies Solvay Invests in Sofinnova Green Seed Fund
Solvay announces an investment of €5 million in the Green Seed Fund launched by Sofinnova Partners. This fund, currently holding a fund raising round which first closed at €22.5 million, is intended to finance European SMEs active in industrial biotechnologies. Solvay will make its network of technological and market experts available to the fund and to the selected projects.
Brussels/Belgium – Industrial biotechnologies are at the crossroads of chemistry and agro-resources. This emerging sector, which has high innovation potential, is seen as an alternative to petrochemicals. Other partners of Sofinnova Green Seed Fund are Siclaé, Sofiproteol, Unigrains and CDC Entreprises.
For Louis Neltner, Director of Research & Innovation Department of Solvay, said that "This investment is fully in line with our open innovation strategy which aims to detect trends, identify breakthrough technologies and maximise opportunities to boost the Group's growth. The industrial biotechnologies sector is important for a company such as Solvay which intends to significantly increase the proportion of renewable raw materials in its product portfolio. By backing the Sofinnova Green Seed Fund, we also hope to help set up an ecosystem that supports innovation by European SMEs".
Denis Lucquin, an Associate in Sofinnova Partners, declared: "We are thrilled to welcome Solvay in the seed fund that we are setting up for industrial biotechnologies. Seeding is an integral part of our overall life sciences investment strategy. The Green Seed Fund is a useful complement to the seeding mechanisms introduced in our previous fund, Sofinnova Capital VII, which, as we are announcing today, closed at €240 million."