Avantium, a developer of chemicals for making green materials and fuels, has closed a financing round of €36 million ($49 million) from a consortium of investors, including Swire Pacific, The Coca-Cola Company, DANONE and ALPLA. Existing investors, including Sofinnova Partners, Capricorn Venture Partners, Navitas Capital and Aster Capital, also participated in the round. The company develops and commercializes YXY—its technology platform that converts plant-based materials into bio-based chemicals and bioplastics like PEF, a 100% bio-based polyester with enhanced barrier, thermal and mechanical properties over existing packaging materials.
Proceeds will be used to complete the industrial validation of PEF and finalize the engineering and design of the company's first commercial scale plant. As part of its strategy to use responsibly-sourced, plant-based materials for PEF production, Avantium will validate the use of 2nd generation feedstock. Its technology will enable the development of lighter, thinner, smaller and stronger plastic bottles, extending product shelf life and providing supply chain benefits. Avantium last raised $43 million of funding in 2011.